Charles Taylor subsidiary sells holding in Bestpark

LCL Acquisitions, a subsidiary of insurance services provider Charles Taylor, is to sell its holding in Bestpark International, an insurance company in run-off, to Ashbrooke Financial Group.

The company said the sale marks an important step forward in Charles Taylor’s stated business strategy of reducing its exposure to non-life insurance companies in run-off.

Charles Taylor also said that it is still actively seeking acquisition opportunities in the UK international life insurance run-off sector and offers claims management and run-off services to non-life and life re/insurers in run-off.

The group owns and consolidates life insurance businesses which are primarily in run-off as part of the growth strategy of its owned insurance companies business, creating value through targeted acquisitions and operational efficiency.

David Marock, group chief executive officer, Charles Taylor said: “The sale of Bestpark marks an important milestone in delivering our owned insurance companies business strategy.  We have been seeking to reduce our ownership of non-life run-off insurers for some time.

“We will continue to focus our strategy on acquiring life insurance companies in run-off, which offer attractive opportunities and generate cash releases for the group.  In fact, over the last four years we have made four successful life insurance company acquisitions.

“Charles Taylor is still one hundred per cent committed to providing run-off management services to run-off insurers after the sale of Bestpark.  We have been active in the sector for many years and offer highly-rated claims management services, complemented up by our run-off management, commutation analysis and negotiation services.”