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September 22, 2014updated 13 Apr 2017 8:34am

Charles Taylor Group to acquire Nordea Life & Pensions

Charles Taylor's wholly owned life insurance firm LCL International Life Assurance Company (LCLI) has agreed to buy Nordea Life & Pensions (NLP), an Isle of Man life insurer, from Nordea Life and Pensions based in Luxembourg.

By Verdict Staff

The current deal represents Charles Taylor’s third acquisition of an international life insurance business during the last three years.

The acquirer noted that the transaction will enable the company to grow its life business by making further takeover in the international life sector.

With gross assets of €803m, NLP delivers tailored life insurance products to high net worth individuals.

Following completion of the deal, the acquired entity will be integrated with Charles Taylor’s own life insurer, which will enable the company to be able to streamline management and improve systems, delivering efficiencies without compromising service to existing policyholders.

Charles Taylor group CEO David Marock said: "This acquisition marks another important step in delivering our growth strategy.

"We have said that we are seeking to grow our life business by making further acquisitions in the international life sector."

The acquisition is pending receipt of regulatory approval by the Isle of Man Insurance and Pensions Authority.

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