Charles Taylor Regulatory News (CTR)

2 Jun 2006 07:01

Charles Taylor Consulting PLC02 June 2006 2 June 2006 Charles Taylor Consulting plc Acquisition Charles Taylor Consulting plc ("Charles Taylor") is pleased to announce that LCLAcquisitions Limited ("LCL"), its wholly owned subsidiary, has acquired VertexAdministration (IOM) Limited ("Vertex") for an undisclosed sum, payable fully incash. Vertex Administration is a leading third party administration and technologyservices provider to the international insurance and pensions industry. VertexAdministration is regulated as an insurance manager with the island's Insuranceand Pension Authority. The acquisition will consolidate LCL's position as a leading provider on theIsle of Man of third party administration services to the fast growinginternational life and pensions industry. The acquisition of Vertex Administration follows LCL's acquisition of theremaining minority interest in FIT Administration (IOM) Ltd ("FITA"), in Aprilthis year. Charles Taylor intends to merge the activities of Vertex Administration and FITAinto a single entity, to be named LCL Services (IOM) Ltd. This company willprovide the administration and support services to LCL International LifeAssurance Company Limited into which several small closed life companies boughtby LCL over the past year have been, or shortly will be, consolidated, inaddition to the existing clients of Vertex Administration. Speaking today, Philip Holden, a director of LCL said: "The integration of our administration operations into a single entity on theIsle of Man provides us with a formidable competitive edge allied to asubstantial capacity to acquire more closed books of life and pensions business.We also believe that there will be opportunities for negotiating additionalthird party administration contracts with other insurers." Note to editors Vertex Administration (IoM) Ltd was part of Vertex Financial Services which is asubsidiary of Vertex, providing solutions to the mortgage, life, pension andinvestment market sectors. Its software and services enable financial serviceproviders and intermediaries to meet consumers' demand for financial productsthat are flexible, capable of being distributed through a variety of channelsand processed efficiently The Isle of Man company's existing clients include Scottish Widows InternationalLimited, based in Jersey, and Global Life Assurance, an Isle of Man insurer. This information is provided by RNS The company news service from the London Stock Exchange