Monument Re buys Charles Taylor's Isle of Man business
Bermuda-based reinsurer Monument Re has signed an agreement to acquire Charles Taylor Group’s Isle of Man operations, subject to regulatory approval.
The acquired portfolio principally consists of Charles Taylor’s life insurance company LCL International Life Assurance Company and Charles Taylor Holdings (IOM).
The transaction establishes Monument Re's presence on the Isle of Man island, and a part of its growth strategy in the Crown Dependencies.
Manfred Maske, CEO of Monument Re Group, said: “We are very pleased to have worked with the Charles Taylor team to reach an agreement to acquire their Isle of Man operations. The signing of this transaction establishes our presence on the island and represents a key step in executing our strategy in the Crown Dependencies.”
Rob Brown, Charles Taylor Group CEO, said: “Monument Re is a great new owner for our Isle of Man business. Our decision to proceed with this transaction resulted from the ongoing evaluation of our business to ensure the right offerings, operating structure and competitive positioning for our clients and for our long-term success. The divestment of the Isle of Man operation was a natural conclusion of this assessment and results in a simpler group with a clear focus on non-life insurance services across our core claims services, technology and insurance management offerings.”
Jeffrey More, CEO of Charles Taylor Insurance Services (IOM), added: “We have enjoyed an extended period of success under Charles Taylor’s ownership, which has included making a number of acquisitions as we have built the business. I am delighted that we are joining Monument Re and look forward to playing our part in driving further growth."
