Charles Taylor acquires life insurer
Insurance services firm Charles Taylor has acquired Nordea Life & Pensions (NLP), an Isle of Man life 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.
The firm said the acquisition marks another important step in delivering the group’s strategy to grow its life business by making further acquisitions in the international life sector.
NLP, which has gross assets of €803 million, provides personalised life insurance products to high net worth individuals.
NLP will be acquired by Charles Taylor's wholly owned Isle of Man-registered life insurer, LCL International Life Assurance Company Limited (LCLI), which specialises in acquiring and aggregating international life insurance businesses.
Jeffrey More, chief executive officer (CEO) of Charles Taylor Insurance Services (IoM), said: “Nordea Life & Pensions’ policyholders will continue to enjoy very high levels of service. By merging the business into Charles Taylor’s own life insurer, we will be able to streamline management and improve systems, delivering efficiencies without compromising service to existing policyholders.”
David Marock, group CEO of Charles Taylor, said: "This acquisition marks another important step in delivering our growth strategy. We have said that we are seeking to grow our life business by making further acquisitions in the international life sector. The acquisition of NLP follows the acquisitions of Alico Isle of Man and Global Life Assurance which have been transferred into LCLI.”
