UK-based Charles Taylor Group has signed an agreement with Luxembourg-based Nordea Life and Pensions to acquire Nordea Life & Pensions (NLP).
According to the company, the initial consideration is expected to be €2.5m, and is subject to the final amount of a pre-completion dividend.
Charles Taylor will acquire NLP through its wholly-owned Isle of Man-registered life insurer LCL International Life Assurance (LCLI).
NLP is said to have gross assets of around €803m, and offers personalized life insurance products to high net worth individuals.
The acquisition is the third one for Charles Taylor in the last three years, which will expand its life business in the international life sector.
Charles Taylor Group CEO David Marock said the acquisition marks another important step in delivering firm’s growth strategy.
"We have said that we are seeking to grow our life business by making further acquisitions in the international life sector," Marock added.
"The acquisition of NLP follows the acquisitions of Alico Isle of Man Limited and Global Life Assurance Limited which have been transferred into LCLI."
Insurance manager Taylor Insurance Services (IoM) offers personalized administration services to policyholders. It will also provide services to clients of NLP.
The acquisition is subject to regulatory approval by the Isle of Man Insurance and Pensions Authority, while the business transfer into LCLI is subject to court approvals.
Image: Charles Taylor Group to acquire Nordea Life & Pensions. Photo: courtesy of adamr/ FreeDigitalPhotos.net.