Charles Taylor snaps up closed IoM life book from Zurich Int’l Life, also Allied Dunbar
Charles Taylor is to acquire a closed book of international life assurance business from Zurich International Life Ltd and Allied Dunbar International Fund Managers from Zurich Insurance Company Ltd, as it looks to grow its Isle of Man life business, and to enter the international fund administration services market.
Based in London, Charles Taylor is a London-based, London Stock Exchange-listed provider of professional services to the insurance industry. It dates back to the 1880s and today has more than 1,300 staff in some 69 offices around the world.
In a statement, the company said the life book acquisition was part a company strategy aimed at making “tactical acquisitions in the international life insurance sector”, as it looks to increase its life insurance assets under management.
Boosting its delivery of policy administration services is another corporate aim, the company said.
It noted that the acquisition is its fifth in the life insurance category that it’s made in the past five years, and follows its 2015 purchase of Scottish Widows International.
The closed book will be reinsured from early 2017 by Charles Taylor’s wholly owned Isle of Man life insurance subsidiary LCL International Life Assurance Company Ltd, into which the majority of the book will, subject to regulatory and court approval, be subsequently transferred, Charles Taylor said.
Jeffrey More, chief executive of Charles Taylor Insurance Services (IoM), said his company’s “significant experience with acquiring and managing life businesses” would enable it to ensure that Zurich’s policyholders would experience “a seamless change of ownership”.
As for the acquisition of Allied Dunbar International Fund Managers – which manages a collective investment scheme, and which will represent Charles Taylor’s entry into the international fund administration services market, More noted that fund administration services “are closely related to the policy administration service we already offer in the Isle of Man”.
The deal is subject to regulatory approvals by the Isle of Man Financial Services Authority.