18 Feb 2016 16:18
Date: 18 February 2016
On behalf of: Charles Taylor plc ("Charles Taylor" the "Group" or "Company")
Charles Taylor plc
Cardrow Insurance Limited
Further to the announcement of 19 October 2015, Charles Taylor is pleased to announce that it has obtained approval from the Irish High Court to transfer the insurance business of its subsidiary Beech Hill Insurance Limited to Tenecom Limited, a subsidiary of Berkshire Hathaway Inc. The transfer will become effective on 29 February 2016.
The transfer progresses Charles Taylor's stated business strategy to reduce its exposure to the ownership of non-life insurance companies in run-off.
-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 |
Rebecca Sanders-Hewett 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 1,200 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.