Charles Taylor has entered an agreement to acquire Nordea Life & Pensions Limited (NLP), an Isle of Man life insurer, from Nordea Life and Pensions S.A., Luxembourg. This is Charles Taylor’s third acquisition of an international life insurance business in the last three years and marks another important step in delivering the Group’s strategy to grow its life business by making further acquisitions in the international life sector.
NLP, which has gross assets of €803m, provides personalised life insurance products to high net worth individuals.
NLP will be acquired by Charles Taylor's wholly owned Isle of Man-registered life insurer, LCL International Life Assurance Company Limited (LCLI), which specialises in acquiring and aggregating international life insurance businesses. Its insurance manager, Charles Taylor Insurance Services (IoM), provides a personalised administration services to policyholders and will do so for the clients of NLP.
Jeffrey More, Chief Executive Officer, Charles Taylor Insurance Services (IoM) said: “Nordea Life & Pensions’ policyholders will continue to enjoy very high levels of service. By merging the business into Charles Taylor’s own life insurer, we will be able to streamline management and improve systems, delivering efficiencies without compromising service to existing policyholders.”
David Marock, Group Chief Executive Officer, Charles Taylor said:
"This acquisition marks another important step in delivering our growth strategy. We have said that we are seeking to grow our life business by making further acquisitions in the international life sector. The acquisition of NLP follows the acquisitions of Alico Isle of Man Limited and Global Life Assurance Limited which have been transferred into LCLI.
The acquisition is subject to regulatory approval by the Isle of Man Insurance and Pensions Authority. The business transfer into LCLI is subject to court approvals.
