Monument Re wraps up acquisition of Charles Taylor’s Isle of Man life operations
Monument Re, a Bermuda-based reinsurer, has wrapped up the acquisition of the Isle of Man life and investment operations of Charles Taylor Group.
The deal, which was announced in August 2020, was closed after securing regulatory approval from the Isle of Man Financial Services Authority and also non-objection from the Bermuda Monetary Authority.
The financial terms of the deal were not disclosed.
The former Isle of Man operations of Charles Taylor Group that were sold mainly comprises the life insurance business – LCL International Life Assurance Company Limited and Charles Taylor Holdings (IOM).
LCL International Life Assurance has been renamed Monument International Life Assurance Company and will be the core life insurance entity for Monument Re in the Isle of Man.