Monument Re Acquires LCL International Life Assurance Company Limited and Isle of Man Operations From Charles Taylor Group
Monument Re announced today that, subject to regulatory approval, it has agreed to acquire Charles Taylor Group’s Isle of Man operations, which principally comprises its life insurance company, LCL International Life Assurance Company Limited and Charles Taylor Holdings (IOM) Limited. Financial terms of the transaction were not disclosed.
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) said, “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.”
Both Monument Re and Charles Taylor are committed to providing seamless continuity of services during the period of transition.
Change of control of the companies will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.
Fenchurch Advisory Partners acted as financial adviser to Charles Taylor.
About the Charles Taylor Group
Charles Taylor is a global provider of professional services and technology solutions dedicated to enabling the global insurance market to do its business fundamentally better. Dating back to 1884, Charles Taylor now employs approximately 3000 staff in more than 120 locations spread across 30 countries in Europe, the Americas, Asia Pacific, the Middle East and Africa.
Charles Taylor believes that it holds a distinctive position in its markets in that it is able to provide professional services and technology solutions in order to support every stage of the insurance lifecycle and every aspect of the insurance operating model. Charles Taylor serves a diversified blue-chip international customer base that includes national and international insurance companies, mutuals, captives, MGAs, Lloyd's syndicates and reinsurers, along with brokers, distributors and corporate insureds.
About Monument Re
Monument Re Limited is a life Reinsurance and Insurance Holding Company with a presence in Bermuda, Ireland, Belgium, Luxembourg, the Netherlands and Guernsey, with branches in Spain, Italy, France and Germany. Monument Re operates as a reinsurer and acquirer of European asset-intensive portfolios. Through this strategy, Monument Re assumes asset-based risks within its risk appetite and efficiently operates these businesses or portfolios.
Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.
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