Charles Taylor acquires Scottish Widows
Insurance services firm Charles Taylor has acquired Scottish Widows International from Scottish Widows in its fourth acquisition in the last four years.
Scottish Widows International is a Jersey closed-book life insurer which provides unit-linked life insurance policies and portfolio bonds to individual investors.
The company will be re-domiciled from Jersey to the Isle of Man following the acquisition and its policies will subsequently be transferred into Charles Taylor’s wholly owned Isle of Man life insurance subsidiary LCL International Life Assurance Company Limited.
Jeffrey More, chief executive officer (CEO) of Charles Taylor Insurance Services, said: “Charles Taylor has administered SWIL’s policies for the last eight years. This means that policyholders will experience a seamless change of ownership and will continue to enjoy the same excellent levels of service. By merging the business into Charles Taylor’s life insurer, we will be able to deliver further efficiencies without compromising service.”
David Marock, group CEO of Charles Taylor, said: "This agreement to acquire SWIL from Scottish Widows plc follows our recent purchase of Nordea Life and Pensions. It demonstrates our commitment to grow our life insurance business in the Isle of Man. Over the last four years we have made four life insurance company acquisitions. We expect the acquisition to be earnings enhancing and generate an early payback of our investment."
