The acquisition will be Charles Taylor’s fourth acquisition of an international life insurer in as many years, following its purchase of Nordea Life and Pensions in September last year, Old Global Life Assurance in 2012, and Alico IoM in 2011.
Following the acquisition, SWIL will be re-domiciled from Jersey to the Isle of Man, and its policies will subsequently be transferred into Charles Taylor’s wholly owned Isle of Man life insurance subsidiary, LCL International Life Assurance Company. This will be subject to regulatory and court approvals respectively.
The acquisition itself is also subject to regulatory approval by the Jersey Financial Services Commission.
Jeffrey More, chief executive of 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.
David Marock, group chief executive, Charles Taylor: “This agreement to acquire SWIL from Scottish Widows follows out recent purchase of Nordea Life and Pensions.
“It demonstrates our commitment to grow our life insurance business in the Isle of Man. We expect the acquisition to be earnings enhancing and generate an early payback of our investment.”
