22 Feb 2016 07:00
Date: 22 February 2016
On behalf of: Charles Taylor plc ("Charles Taylor" or the "Company")
Embargoed until: 0700hrs
Charles Taylor plc
Completion of the sale of Bestpark International Limited
Further to the announcement of 5 October 2015, Charles Taylor is pleased to announce that its subsidiary, LCL Acquisitions Limited, has completed the sale of its holding in Bestpark International Limited ("Bestpark"), an insurance company in run-off, to Ashbrooke Financial Group Limited ("Ashbrooke").
The sale marks an important step forward in Charles Taylor's stated business strategy of reducing its exposure to non-life insurance companies in run-off. It follows the announcement of 19 October 2015 that its subsidiaries Cardrow Insurance Limited ("Cardrow") and Beech Hill Insurance Limited ("Beech Hill"), which are non-life insurance companies in run-off, have entered agreements to transfer their insurance businesses to Tenecom Limited, a subsidiary of Berkshire Hathaway Inc.
Once these business transfers and winding ups are complete, Charles Taylor will no longer own any non-life insurance companies in run-off and will have executed successfully this strand of its overall business strategy. Charles Taylor is still actively seeking acquisition opportunities in the UK international life insurance sector and offers claims management and run-off services to non-life and life insurers and reinsurers.
David Marock, Group Chief Executive Officer, Charles Taylor said:
"The sale of Bestpark marks an important milestone in delivering our Owned Insurance Companies business strategy. Once we have completed the business transfers and winding up of Cardrow and Beech Hill, we will no longer own any non-life run-off insurance companies."
"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 1,200 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.