LONDON (Alliance News) - Charles Taylor PLC on Monday said it has completed the sale of its holding in Bestpark International Ltd, marking an important step towards no longer owning any non-life run-off insurance companies.
The professional services provider, which serves the insurance sector, has been reducing its exposure to non-life insurance companies in run-off, and remains on the hunt for acquisitions in the UK international life insurance sector.
Charles Taylor still offers claims management and run-off services to non-life and life insurers and reinsurers.
"Once we have completed the business transfers and winding up of Cardrow and Beech Hill, we will no longer own any non-life run-off insurance companies," Chief Executive David Marock said.
"We will continue to focus our strategy on acquiring life insurance companies in run-off, which offer attractive opportunities and generate cash releases for the group," he added.
"Charles Taylor is still one hundred per cent committed to providing run-off management services to both insurers and reinsurers," Marock said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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