Life reinsurance and insurance holding company Monument Re has agreed to acquire Charles Taylor Group’s Isle of Man operations for an unknown sum.

Charles Taylor Group’s Isle of Man business principally consists of its life insurance company LCL International Life Assurance Company and Charles Taylor Holdings (IOM).

Monument Re Group CEO Manfred Maske 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.”

Commenting on the development, Charles Taylor Group CEO Rob Brown 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.”

Fenchurch Advisory Partners served as the financial adviser to Charles Taylor. The deal awaits regulatory approvals.

Other recent acquisitions by Monument Re

In March this year, Monument Re entered into an agreement to acquire GreyCastle Holdings and its subsidiaries.

Last year, the company acquired Nordben Life and Pension Insurance from BenCo Insurance.