Member Article

Life insurance firm buys rival for £1.55m

LCL International Life Assurance Company Limited (LCLI) is set to acquire Global Life Assurance Limited for £1.55m.

LCLI is a wholly owned subsidiary of Charles Taylor plc, and GLA provides investment life insurance products. Charles Taylor said the operations of GLA would be ’rationalised“ as it became part of LCLI.

The deal is subject to regulatory approval by the Isle of Man Insurance and Pensions Authority, and the business transfer into LCLI is subject to court approvals.

David Marock, Group Chief Executive Officer, Charles Taylor said: “Global Life policyholders will continue to enjoy high levels of service and, by merging the Global Life business into LCLI, we will be able to streamline management, delivering cost savings without compromising service. We expect the acquisition to be earnings enhancing and it has the potential for an early payback of our investment.”

The combined business is expected to generate an International Financial Reporting Standards profit of around £0.1m in 2013.

This was posted in Bdaily's Members' News section by Tom Keighley .