Monument Re Limited is snapping up Charles Taylor Group’s operations in British Crown dependency Isle of Man for an undisclosed amount.
The unit being acquired principally consists of LCL International Life Assurance Company Limited and Charles Taylor Holdings (IOM) Limited. According to Monument Re’s announcement, both sides of the deal are committed to ensuring seamless continuity of services during the transition period.
Lifting the lid on the sale, Charles Taylor Group chief executive Rob Brown stated: “Monument Re is a great new owner for our Isle of Man business. Our decision to proceed with this transaction resulted from the ongoing evaluation of our business to ensure the right offerings, operating structure, and competitive positioning for our clients and for our long-term success.
“The divestment of the Isle of Man operation was a natural conclusion of this assessment and results in a simpler group with a clear focus on non-life insurance services across our core claims services, technology and insurance management offerings.”
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It was noted that change of control of the companies will take place following receipt of regulatory approvals and satisfaction of other customary closing conditions.
“We are very pleased to have worked with the Charles Taylor team to reach an agreement to acquire their Isle of Man operations,” commented Monument Re CEO Manfred Maske. “The signing of this transaction establishes our presence on the island and represents a key step in executing our strategy in the Crown dependencies.”
Charles Taylor Insurance Services (IOM) boss Jeffrey More, meanwhile, is also pleased with the development.
The chief executive said: “We have enjoyed an extended period of success under Charles Taylor’s ownership, which has included making a number of acquisitions as we have built the business. I am delighted that we are joining Monument Re and look forward to playing our part in driving further growth.”
