Monument Re to acquire Charles Taylor’s Isle of Man operations

Monument Re has agreed to acquire Charles Taylor Group’s Isle of Man operations, which principally comprises its life insurance company, LCL International Life Assurance Company, and Charles Taylor Holdings (IOM).

Both Monument Re and Charles Taylor stressed their commitment to providing seamless continuity of services during the period of transition.

Manfred Maske, chief executive of Monument Re Group, said: “The signing of this transaction establishes our presence on the [Isle of Man] and represents a key step in executing our strategy in the Crown Dependencies.”

Rob Brown, Charles Taylor Group chief executive, described Monument Re as “a great new owner for our Isle of Man business.”

He added: “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.”

The agreement is subject to regulatory approval. The financial terms of the transaction have not been disclosed.