Monument Re to acquire Isle of Man business
Monument Re has agreed to acquire Charles Taylor Group's Isle of Man operations, which principally comprises its life insurance company, LCL International Life Assurance Company Limited and Charles Taylor Holdings (IOM) Limited.
Manfred Maske, chief executive officer of Monument Re Group, said: “We are very pleased to have worked with the Charles Taylor team to reach an agreement to acquire their Isle of Man operations. The signing of this transaction establishes our presence on the island and represents a key step in executing our strategy in the Crown Dependencies.”
Monument Re Limited is a Bermudian-based life reinsurance and insurance holding company.
Rob Brown, Charles Taylor Group CEO, said: “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.”
Meanwhile, Jeffrey More, CEO of Charles Taylor Insurance Services (IOM) 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.”
In a statement, Monument Re and Charles Taylor said they are committed to providing seamless continuity of services during the period of transition.
Change of control of the companies will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.
Financial terms of the transaction were not disclosed.