Charles Taylor subsidiary completes sale of holding in Bestpark
LCL Acquisition, the subsidiary of Charles Taylor, has completed the sale of its holding in Bestpark International, an insurance company in run-off, to Ashbrooke Financial Group.
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. It follows the announcement on 19 October 2015 that its subsidiaries Cardrow Insurance and Beech Hill Insurance, which are non-life insurance companies in run-off, have entered agreements to transfer their insurance businesses to Tenecom, a subsidiary of Berkshire Hathaway.
Once these business transfers and winding ups are complete, Charles Taylor will no longer own any non-life insurance companies in run-off and will have executed successfully this strand of its overall business strategy.
Charles Taylor is still actively seeking acquisition opportunities in the UK international life insurance sector and offers claims management and run-off services to non-life and life insurers and reinsurers.
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. Once we have completed the business transfers and winding up of Cardrow and Beech Hill, we will no longer own any non-life run-off insurance companies.”
“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.”
Marock said that Charles Taylor is still one hundred per cent committed to providing run-off management services to both insurers and reinsurers.
“We have been active in the sector for many years and offer highly-rated claims management services, complemented by our run-off management, commutation analysis and negotiation services,” he added.
