Charles Taylor Completes Acquisition of Closed Book of Life Assurance Business.
5 May 2017 - UK-based insurance management services company Charles Taylor plc (LSE: CTR) of a closed book of life assurance business from Zurich International Life Ltd. and Allied Dunbar International Fund Managers Ltd. from Zurich Insurance Co Ltd., the group said.
This deal was announced on 22 November 2016.
The acquisitions are part of Charles Taylor's strategy to make tactical acquisitions in the international life insurance sector to grow its life insurance business and associated services.
This transaction will enable Charles Taylor to increase its revenue by managing the closed book and by providing policy administration services.
The acquisition of ADIFM, which manages a collective investment scheme, will also enable Charles Taylor to generate fund management revenues and further extend its range of professional services by entering the international fund administration services market.
Charles Taylor's wholly-owned Isle of Man life insurance subsidiary, LCL International Life Assurance company Ltd., will reinsure the Book and subsequently accept the legal transfer of the majority of the Book, subject to regulatory and court approval.
Target: Closed book of life assurance business of Zurich International Life, Allied Dunbar International Fund Managers
Buyer: Charles Taylor plc
Vendor: Zurich Insurance Co Ltd
Deal size in USD:
Type: Corporate Acquisition
Buyer advisor: , ,
Comment: Terms of the deal were not disclosed
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|Publication:||M & A Navigator|
|Date:||May 5, 2017|
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