Latest move in strategy of selling non-life run off insurers
Charles Taylor said it has sold its holding in Bestpark International, an insurance company in run-off, to Ashbrooke Financial Group.
The company said the sale is in line with its strategy of reducing its exposure to non-life insurance companies in run-off, and is exploring its options for its remaining non-life insurance companies in run-off.
But it added that it is still actively seeking acquisitions in the UK international life insurance run-off sector and offers claims management and run-off services to non-life and life (re)insurers in run-off.
The Group owns and consolidates life insurance businesses which are primarily in run-off as part of the growth strategy of its Owned insurance Companies business, creating value through targeted acquisitions and operational efficiency.