Charles Taylor PLC Completion of acquisition (7981D)

TIDMCTR

RNS Number : 7981D

Charles Taylor PLC

02 May 2017

Date: 2 May 2017

On behalf of: Charles Taylor plc ("Charles Taylor" or the "Company")

Embargoed until: 0700hrs

Charles Taylor plc

Completion of the acquisition of a closed book of life assurance business from Zurich International Life Limited and Allied Dunbar International Fund Managers Limited from Zurich Insurance Company Ltd.

Further to the announcement on 22 November 2016, Charles Taylor announces that it has completed the acquisition of the closed book of Zurich International Portfolio Bonds (the "Book") from Zurich International Life Limited and Allied Dunbar International Fund Managers Limited ("ADIFM") from Zurich Insurance Company Ltd.

The acquisitions are part of Charles Taylor's strategy to make tactical acquisitions in the international life insurance sector to grow its life insurance business and associated services. The transaction will enable Charles Taylor to increase its revenue by managing the closed book and by providing policy administration services. The acquisition of ADIFM, which manages a collective investment scheme, will also enable Charles Taylor to generate fund management revenues and further extend its range of professional services by entering the international fund administration services market.

Charles Taylor's wholly-owned Isle of Man life insurance subsidiary, LCL International Life Assurance Company Limited, will reinsure the Book and subsequently accept the legal transfer of the majority of the Book, subject to regulatory and court approval.

David Marock, Group Chief Executive Officer, Charles Taylor said:

"The acquisition of the closed book of Zurich International Portfolio Bonds follows our purchase in 2015 of Scottish Widows International. It demonstrates our commitment to grow our life insurance and servicing businesses in the Isle of Man. Over the last five years we have made five life insurance acquisitions.

"I am particularly pleased that the transaction enables us to enter the fund administration services market. This is very closely related to the policy administration service we already offer in the Isle of Man and opens up opportunities for us to deliver new services to fund managers in the Isle of Man and other international markets."

-ENDS-

 
 For further information: 
 Charles Taylor plc 
 David Marock, Group Chief 
  Executive Officer 
 Mike Lord, Group Communications    Via Redleaf PR 
  Director 
 Redleaf PR                         [e-mail] 
 Charlie Geller 
  Susie Hudson                      020 7382 4730 
 

Notes to editors

Charles Taylor provides professional services to make the business of insurance work fundamentally better. The Group has been providing insurance-related professional services since 1884 and today employs over 1,800 staff in 71 offices spread across 28 countries in the UK, the Americas, Asia Pacific, Europe the Middle East and Africa.

The Group operates through three businesses - Management Services, Adjusting Services and Insurance Support Services. It also own international life insurers, creating value by undertaking targeted acquisitions and achieving operational efficiencies.

Charles Taylor's breadth of services, technical skills and resources and global presence means the Group can manage and resolve virtually any insurance-related matter, wherever and whenever it occurs. Further information is available at www.ctplc.com

Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 02, 2017 02:01 ET (06:01 GMT)