2 Apr 2015 07:00
Date: 2 April 2015
On behalf of: Charles Taylor plc ("Charles Taylor" or the "Company")
Embargoed until: 0700hrs
Charles Taylor plc
Completion of the acquisition of Scottish Widows International Limited ("SWIL"), Jersey
Further to the announcement on 8 January 2015, the Company announces that its subsidiary, Metrowise Limited, has completed the acquisition of SWIL from Scottish Widows plc. The acquisition is part of Charles Taylor's strategy to make targeted acquisitions in the international life insurance sector to grow its life insurance business in the Isle of Man and generate cash releases for the Company.
David Marock, Group Chief Executive Officer, Charles Taylor said:
"The acquisition of SWIL from Scottish Widows plc follows our recent purchase of Nordea Life and Pensions. It demonstrates our commitment to grow our life insurance business in the Isle of Man. Over the last four years we have made four life insurance company acquisitions. We expect the acquisition to be earnings enhancing and generate an early payback of our investment.
Charles Taylor has administered SWIL's policies for the last eight years. This means that policyholders will experience a seamless change of ownership and will continue to enjoy the same excellent levels of service. By merging the business into Charles Taylor's life insurer, we will be able to deliver further efficiencies without compromising service."
-ENDS-
For further information: | |
Charles Taylor plc | |
David Marock, Group Chief Executive Officer | |
Mike Lord, Group Communications Director
| Via Redleaf Polhill |
Redleaf Polhill | ct@redleafpr.com |
Rebecca Sanders-Hewett Charlie Geller David Ison
| 020 7382 4730 |
Notes to editors
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 67 offices spread across 27 countries in the UK, the Americas, Asia Pacific, Europe and the Middle East.
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.