LONDON (Alliance News) - Charles Taylor PLC on Monday said it has signed a deal to sell its stake in Bestpark International Ltd to Ashbrooke Financial Group Ltd for an undisclosed amount.
Bestpark is an insurance company in run-off. Charles Taylor, which provides professional services to insurers and operates life insurance businesses in run-off, said the sale is part of its ongoing strategy to reduce its exposure to non-life insurance companies in run-off, though it is still actively seeking acquisitions of UK international life insurance run-off sector companies.
It added it is exploring options to sell its remaining stakes in non-life insurance companies in run-off.
"The sale of Bestpark marks an important milestone in delivering our owned insurance companies business strategy. We have been seeking to reduce our ownership of non-life run-off insurers for some time," said David Marock, Charles Taylor's chief executive.
Shares in Charles Taylor were untraded Monday, having last traded at 255.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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