Charles Taylor’s wholly owned Isle of Man-registered closed life business, LCL International Life Assurance Company Limited (LCLI), has agreed to acquire Global Life Assurance (GLA) from Pinnacle.

Transaction involves initial consideration of £1.55m, from cash available in LCLI and deferred payments of a maximum of nearly £0.9m over a period of three years.

On completion of the deal, which is subject to approval from court and the Isle of Man Insurance and Pensions Authority, the GLA business is likely to be transferred into LCLI to enable realisation of a reserve release.

Under the agreement, LCL Services will continue to provide insurance manager services to GLA.

Charles Taylor Group chief executive officer David Marock 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."

Offering professional services to insurance clients since 1885, Charles Taylor is headquartered in London and manages over 900 staff in 49 offices spread across 25 countries in the UK, the Americas, Asia Pacific, Europe and the Middle East.

LCL acquires and absorbs international life insurance companies which are not open to new business and closed books of international life policies.