Charles Taylor has agreed to acquire Scottish Widows International Limited (SWIL) from Scottish Widows.
SWIL is a Jersey closed-book life insurer that provides unit-linked life insurance policies and portfolio bonds to individual investors.
It is Charles Taylor’s fourth acquisition of an international life insurer in the last four years and the business said it marks another important step in delivering the group’s strategy to grow its life business.
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It is intended that SWIL will be re-domiciled from Jersey to the Isle of Man following the acquisition and that its policies will subsequently be transferred into Charles Taylor’s wholly owned Isle of Man life insurance subsidiary LCL International Life Assurance Company Limited (LCLI), subject to regulatory and court approvals respectively.
Jeffrey More, CEO for Charles Taylor Insurance Services (IoM), said: "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."
David Marock, group CEO for Charles Taylor, said: "This agreement to acquire 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."
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By GlobalDataThe acquisition is subject to regulatory approval by The Jersey Financial Services Commission.
