Charles Taylor transfers run-off units to Berkshire Hathaway
Charles Taylor, a provider of professional services to the insurance market, has announced 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.
The group will receive a final dividend from Cardrow and Beech Hill once these companies are liquidated, post completion of the transfers.
One strand of Charles Taylor’s stated business strategy is to reduce its exposure to the ownership of non-life insurance companies in run-off. The move follows the group’s announcement on 5 October that its subsidiary, LCL Acquisitions, has entered into an agreement to sell its holding in Bestpark International, an insurance company in run-off, to Ashbrooke Financial Group.
Once these transactions complete, Charles Taylor will not own any non-life insurance companies in run-off.
David Marock, group chief executive officer, Charles Taylor, said: “I am very pleased that we have delivered successfully our strategy to dispose of our non-life insurance companies. We are focusing our strategy on acquiring life insurers, which offer attractive opportunities and generate cash releases for the Group. Over the last four years we have made four successful life insurance company acquisitions.
“We remain also fully committed to providing services to run-off insurers as part of our wide range of professional services provided to the global insurance market. 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.”
