24 Nov 2014 07:00
Date: 24 November 2014
On behalf of: Charles Taylor plc ("Charles Taylor" or the "Company")
Embargoed until: 0700hrs
Charles Taylor plc
Completion of the acquisition of Nordea Life & Pensions Limited ("NLP")
Further to the announcement on 22 September 2014, the Company announces that its subsidiary, LCL International Life Assurance Company Limited, has completed the acquisition of NLP from Nordea Life and Pensions S.A., Luxembourg.
David Marock, Group Chief Executive Officer, Charles Taylor said:
"The completion of this acquisition marks another important step in delivering our growth strategy and follows the acquisitions of Alico Isle of Man Limited and Global Life Assurance Limited, whose policies have now been transferred into LCLI and continue to be serviced to a very high standard. These acquisitions have also delivered cash releases for the Company.
"The policyholders of Nordea Life & Pensions will continue to enjoy excellent levels of service and by merging the business into Charles Taylor's life insurer, we will be able to streamline management, improve systems and deliver efficiencies without compromising service. We expect the acquisition to be modestly earnings enhancing and it has the potential for an early payback of our investment."
-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 1,000 staff in 60 offices spread across 25 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 some insurers.
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.