Monument Re Acquires LCL International Life Assurance Company Limited and Isle of Man Operations From Charles Taylor Group
Monument Re announced today that, subject to regulatory approval, it has agreed to acquire Charles Taylor Group’s Isle of Man operations, which principally comprises its life insurance company, LCL International Life Assurance Company Limited and Charles Taylor Holdings (IOM) Limited. Financial terms of the transaction were not disclosed.
Manfred Maske, CEO of Monument Re Group, said: “We are very pleased to have worked with the Charles Taylor team to reach an agreement to acquire their Isle of Man operations. The signing of this transaction establishes our presence on the island and represents a key step in executing our strategy in the Crown Dependencies.”
Rob Brown, Charles Taylor Group CEO, said, “Monument Re is a great new owner for our Isle of Man business. Our decision to proceed with this transaction resulted from the ongoing evaluation of our business to ensure the right offerings, operating structure and competitive positioning for our clients and for our long-term success. The divestment of the Isle of Man operation was a natural conclusion of this assessment and results in a simpler group with a clear focus on non-life insurance services across our core claims services, technology and insurance management offerings.”
Jeffrey More, CEO of Charles Taylor Insurance Services (IOM) said, “We have enjoyed an extended period of success under Charles Taylor’s ownership, which has included making a number of acquisitions as we have built the business. I am delighted that we are joining Monument Re and look forward to playing our part in driving further growth.”
Both Monument Re and Charles Taylor are committed to providing seamless continuity of services during the period of transition.
Change of control of the companies will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.
Fenchurch Advisory Partners acted as financial adviser to Charles Taylor.
About the Charles Taylor Group
Charles Taylor is a global provider of professional services and technology solutions dedicated to enabling the global insurance market to do its business fundamentally better. Dating back to 1884, Charles Taylor now employs approximately 3000 staff in more than 120 locations spread across 30 countries in Europe, the Americas, Asia Pacific, the Middle East and Africa.
Charles Taylor believes that it holds a distinctive position in its markets in that it is able to provide professional services and technology solutions in order to support every stage of the insurance lifecycle and every aspect of the insurance operating model. Charles Taylor serves a diversified blue-chip international customer base that includes national and international insurance companies, mutuals, captives, MGAs, Lloyd's syndicates and reinsurers, along with brokers, distributors and corporate insureds.
About Monument Re
Monument Re Limited is a life Reinsurance and Insurance Holding Company with a presence in Bermuda, Ireland, Belgium, Luxembourg, the Netherlands and Guernsey, with branches in Spain, Italy, France and Germany. Monument Re operates as a reinsurer and acquirer of European asset-intensive portfolios. Through this strategy, Monument Re assumes asset-based risks within its risk appetite and efficiently operates these businesses or portfolios.
Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Rimini Street Celebrates 15 Years of Delivering Client Success28.9.2020 15:00:00 CEST | Press release
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of business software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that September marks the 15th anniversary of the Company’s founding in 2005 to redefine the enterprise software support market. The Company set out to deliver a premium, ultra-responsive support model, and bring choice and value to software licensees around the world. Since its inception, Rimini Street has continually set the premium standard on what Oracle and SAP licensees should expect from their support experience. The Company is responsible for delivering a long history of innovative “firsts” for the enterprise software support market, including guaranteed ultra-responsive SLA’s, support for customizations at no additional cost, support for at least 15 years without required upgrades or updates and saving clients nearly $5 billion in total maintenance and support cos
Epic Fantasy 3DMMORPG Forsaken World: Gods and Demons Open for Pre-registration Today28.9.2020 15:00:00 CEST | Press release
Forsaken World: Gods and Demons is an open-world fantasy MMORPG on an incredible scale. Dive into a world of never-ending adventure where treasure and glory awaits the victor. Raid a dragon's lair, search for lost artifacts, or kick back, relax and catch some fish in between epic adventures. The world around you will be influenced by your in-game decisions, with a storyline that allows you to determine the future of Calindor. Leave your mark and become a legend! This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200928005293/en/ Pre-register now on the App Store and Google Play (Graphic: Business Wire) Endless Character Customization Change your class at any time and specialize your character just the way you want it. Mix and match abilities and talents to fit your combat style, and customize your appearance to bring out the true you, right down to the facial expression. No two players are the same in FW: GD. A Stunning World Im
Hyprevention Raises New Financing to Commercialize Spinal Implant Product V-STRUT© in the USA.28.9.2020 14:55:00 CEST | Press release
Hyprevention has raised new financing to support the V-STRUT© Vertebral Implant product. The financing will be used to execute the commercialization plans for the US spinal fracture market. The V-STRUT© Vertebral Implant is indicated for use in the treatment of vertebral fractures. In May 2019, a US patent was granted for V-STRUT© and in March 2020, the device received FDA-510(k) clearance. “We are delighted that our existing investors have shown confidence in our product development efforts and commercialization plans for the US market by increasing their investment in the company,” says Cecile Vienney, CEO. The Hyprevention team has entered into a commercial relationship with DAWA Medical and has received several orders for the product from enthusiastic customers. DAWA Medical, a regional distributor of medical products, will promote sales in Florida, Illinois, Texas and Oklahoma. In addition to DAWA the company is in discussion with other commercial partners to bring the innovative
Mavenir acquires ip.access to expand OpenRAN radio portfolio for CSPs and Enterprise Private Networks28.9.2020 14:00:00 CEST | Press release
Mavenir, a leading provider of end-to-end cloud-native Network Software Provider for Communications Service Providers (CSPs) announces today that it has acquired ip.access Ltd, a leading 2G, 3G, 4G and 5G-ready small cell solutions provider. This acquisition extends Mavenir’s leadership in OpenRAN radio on three fronts: Communication Service Providers: Adding 2G and 3G capabilities to the OpenRAN portfolio Enterprise: Adding a full suite of enterprise radio solutions for Mavenir’s Private Network offerings, including OnGo/CBRS certified solutions Nontraditional Networks: Leveraging market leading software defined vRAN solutions for Aviation, Maritime, Rural and Remote networks with next generation solutions in the air, on land and at sea. “Operators are looking to transform their 2G/3G networks as they migrate to 4G and 5G,” said Pardeep Kohli, President and CEO, Mavenir. “We expect to provide a seamless, multi radio access technology single RAN offering for those operators that allows
PCI Pharma Services Introduces First-of-its-Kind Digital Platform to Provide Clients with Real-Time Supply Chain Data and Analytics28.9.2020 12:00:00 CEST | Press release
PCI Pharma Services (PCI), a leading pharmaceutical and biopharmaceutical global outsourcing solutions provider today announced the launch of pci | bridge, an innovative digital platform that will give customers immediate visibility into their clinical and commercial supply chain, and provide instantaneous data and insights to inform decision-making. Created using an agile development process whereby key clients collaborated and provided input, PCI built an industry-leading digital interface that delivers greater transparency to clients – saving time and resources to ultimately help bring life-changing therapies to patients faster. The launch of pci | bridge is one of many initiatives that PCI has undertaken to incorporate digital transformation as core to its business strategy. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200928005059/en/ pci | bridge digital platform logo (Photo: Business Wire) “At PCI, we are always loo
MILAN AIRPORTS MALPENSA & LINATE FIRST IN ITALY TO DEPLOY ECAC STANDARD 3 CABIN BAGGAGE SCREENING SYSTEMS WITH SMITHS DETECTION28.9.2020 11:00:00 CEST | Press release
Smiths Detection today announced that it has been awarded a contract by SEA Group to support the upgrade of Malpensa and Linate Airports, two of the three international airports in Milan, to the highest security standard for cabin baggage in the industry - ECAC EDS CB C3. As part of the implementation, up to 18 advanced Computed Tomography (CT) screening systems — HI-SCAN 6040 CTiX — will be installed at Milano Malpensa Airport Terminal 1 along with up to 10 more at Milano Linate Airport. Besides providing advanced explosives detection with low false alarm rates, the CT technology allows electronic devices and liquids to remain in bags. SEA Group also selected Smiths Detection’s HI-SCAN 6040 CTiX carry-on baggage scanners to help protect the health of travellers by reducing the number of trays required during security screening and minimising points of contact at security lanes. “As key gateways to the rest of the world for Milan, our priority for Malpensa and Linate airports is to pro
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom