Insurance company Charles Taylor has completed its deal to buy Allied Dunbar International Fund Managers Limited and a closed book of international life assurance business from Zurich, for an undisclosed sum.
The Isle of Man-based business has said the deal will allow it to enter the international fund administration services market.
The deal, announced in November, is part of Charles Taylor's strategy to grow its life insurance business and associated services through acquisition.
David Marock, chief executive of Charles Taylor, said it will allow the company to increase its revenue by managing the closed book and by providing policy administration services.
He said: “[This deal] demonstrates our commitment to grow our life insurance and servicing businesses in the Isle of Man.
“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.”
Charles Taylor's wholly-owned Isle of Man life insurance subsidiary, LCL International Life Assurance Company Limited, will reinsure the book and accept the legal transfer of the majority of it, subject to regulatory and court approval.
damian.fantato@ft.com
