Charles Taylor completes Nordea acquisition
Insurance services firm Charles Taylor has completed the acquisition of Nordea Life & Pensions (NLP), an Isle of man life insurer.
Through its subsidiary, LCL International Life Assurance Company, Charles Taylor acquired the insurer from Nordea Life and Pensions, Luxembourg.
This is Charles Taylor’s third acquisition of an international life insurance business in the last three years.
David Marock, chief executive officer, Charles Taylor, said: "The completion of this acquisition marks another important step in delivering our growth strategy and follows the acquisitions of Alico Isle of Man Limited and Global Life Assurance, whose policies have now been transferred into LCLI and continue to be serviced to a very high standard. These acquisitions have also delivered cash releases for the company.
"The policyholders of Nordea Life & Pensions will continue to enjoy excellent levels of service and by merging the business into Charles Taylor’s life insurer, we will be able to streamline management, improve systems and deliver efficiencies without compromising service. We expect the acquisition to be modestly earnings enhancing and it has the potential for an early payback of our investment."
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