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Charles Taylor agrees to buy Zurich closed book

Charles Taylor agrees to buy Zurich closed book

Charles Taylor has agreed to buy Allied Dunbar International Fund Managers Limited and closed book of international life assurance business from Zurich.

The deal will grow Charles Taylor’s life insurance business in the Isle of Man and allow the group to enter the international fund administration services market.

This is the fifth life insurance acquisition Charles Taylor has made in the past five years and follows the purchase of Scottish Widows International in 2015.

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Jeffrey More, chief executive of Charles Taylor Insurance Services (IoM), said:

“We have significant experience with acquiring and managing life businesses.

“We will work closely with Zurich to ensure that policyholders experience a seamless change of ownership and continue to enjoy the same excellent levels of service.”

The acquisition of Allied Dunbar International Fund Managers, which manages a collective investment scheme, will allow Charles Taylor to extend its range of professional services by entering the international fund administration services market.

Mr More said: “Fund administration services are closely related to the policy administration service we already offer in the Isle of Man.

“This opens up opportunities for us to deliver new services to fund managers in the Isle of Man and other international markets.”

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 Limited into which the majority of the book will be transferred.

David Marock, chief executive of Charles Taylor, said: “This agreement to acquire the closed life assurance book from Zurich International is part of our well established strategy to acquire and consolidate life insurance businesses which are primarily in run-off.

“It demonstrates our commitment to further grow our life insurance business in the Isle of Man.”

The transaction is subject to regulatory approvals by the Isle of Man Financial Services Authority.