15 Mar 2016 07:00
Date: 15 March 2016
On behalf of: Charles Taylor plc ("Charles Taylor" the "Group" or "Company")
Embargoed until: 0700hrs
Charles Taylor plc
Cardrow Insurance Limited
Further to the announcement of 7 March 2016, Charles Taylor is pleased to announce that the transfer of the insurance business of its subsidiary Cardrow Insurance Limited to Tenecom Limited, a subsidiary of Berkshire Hathaway Inc. has become effective.
The transfer completes Charles Taylor's stated business strategy to reduce its exposure associated with the ownership of non-life insurance companies in run-off.
David Marock, Group Chief Executive Officer, Charles Taylor said:
"The transfer of the insurance business of Cardrow completes the process to remove the group's exposure to its non-life run-off insurance companies. The remaining steps associated with dissolving Cardrow and Beech Hill are expected to be completed by early H2 2016. This is in line with our stated business strategy."
"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. In fact, over the last four years we have made four successful life insurance company acquisitions."
"Charles Taylor is still one hundred per cent committed to providing run-off management services to both insurers and reinsurers. We have been active in the sector for many years and offer highly-rated claims management services, complemented by our run-off management, commutation analysis and negotiation services."
-ENDS-
For further information: | |
Charles Taylor plc | |
David Marock, Group Chief Executive Officer | |
Mike Lord, Group Communications Director
| Via Redleaf Communications |
Redleaf Communications | ct@redleafpr.com |
Charlie Geller Susie Hudson
| 020 7382 4730 |
Notes to editors
About Charles Taylor
Charles Taylor plc is a leading provider of professional services to clients across the global insurance market. The Group has been providing services since 1884 and today employs over 1,300 staff in 69 offices spread across 28 countries in the UK, the Americas, Asia Pacific, Europe, the Middle East and Africa.
The Group offers services, principally on a fee-based model and operates through three businesses - Management, Adjusting and Insurance Support Services. Charles Taylor also owns insurers, creating value through select acquisitions and operational efficiency.
Further information is available at www.ctplc.com.
Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.