UK insurer Charles Taylor to acquire Cosulich Marine Consultants Group
UK-based insurance company Charles Taylor has agreed to acquire Lab Cosulich Consultants (LCC) and CMC Marine (together, Cosulich Marine Consultants Group) in a move to grow its marine capabilities in Europe, Middle East, and Asia.
The financial terms of the deal were not disclosed.
Established in 1952, the Italy-based Lab Cosulich Consultants serves the marine and insurance industries with scientific consultancy, surveying, and testing services. The company is led by Riccardo Cosulich.
On the other hand, CMC Marine was founded in 2010 in Singapore. It expanded into the UAE last year.
CMC Marine’s operations are headed by Diego Cosulich in Singapore, and by Gustavo Cosulich in the UAE.
Charles Taylor said that the Cosulich Marine Consultants Group will become a core part of its marine technical services business.
Oliver Hutchings – Managing Director of Charles Taylor, Marine said: “The acquisition of the Cosulich Group adds a critical offering to our Marine Technical Services business within Europe, Middle East and Asia – all of which are key markets for our expansion.
“The acquisition reinforces our commitment to creating a unified, global marine surveying structure to support maritime clients, their assets and their insurance arrangements worldwide.”
Riccardo Cosulich, Gustavo Cosulich, and Diego Cosulich will join Charles Taylor and will continue to head the Cosulich Marine Consultants Group business.
Charles Taylor has worked together with Cosulich Marine Consultants Group for more than 65 years and the transaction will enable the former to add a new service line to the marine technical services business.
Charles Taylor Marine Technical Services provides technically advanced surveying services, ranging from pre-voyage inspections to post-damage surveys.
Riccardo Cosulich said: “Having worked with Charles Taylor for over 65 years, we are pleased to build further on this partnership and to become an integral part of the Marine Technical Services team. We have long admired Charles Taylor’s business and look forward to developing a unified marine service proposition moving forward.”
The transaction is anticipated to be closed by the end of this year.