Charles Taylor has agreed to buy the Scottish Widows’ runoff life insurance business.
The Jersey-based Scottish Widows International Limited (SWIL) provides unit-linked life insurance policies and portfolio bonds to individual investors.
Charles Taylor said it intends to redomicile the unit to the Isle of Man following the acquisition, with its policies then transferred into its life subsidiary there, LCL International Life Assurance Company Limited.
"This agreement to acquire SWIL from Scottish Widows plc follows our recent purchase of Nordea Life and Pensions,” said David Marock (pictured), group CEO, Charles Taylor. “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,” he added.
The firm said the acquisitions were part of its ongoing strategy for “making further acquisitions in the international life sector”.
“By merging the business into Charles Taylor’s life insurer, we will be able to deliver further efficiencies without compromising service,” said Jeffrey More, CEO, Charles Taylor Insurance Services.
The insurance services firm noted that the deal is still subject to Jersey Financial Services Commission regulatory signoff, as well as court approval.