Charles Taylor Consulting has announced the acquisition of Vertex Administration (IOM) Limited, a third party administration and technology services provider to the international insurance and pensions industry.
The acquisition is being made by LCL Acquisitions Limited, a member company of Charles Taylor's run-off division.
The terms of the transaction are not being disclosed.
Charles Taylor intends to merge the activities of the two companies it has acquired into a single entity, to be named LCL Services (IOM) Ltd.
This company will provide the administration and support services to LCL International Life Assurance Company Limited into which several small closed life companies bought by LCL over the past year have been, or shortly will be, consolidated, in addition to the existing clients of Vertex Administration (IOM) Limited.
Philip Holden, a director of LCL said: “The integration of our administration operations into a single entity on the Isle of Man provides us with a formidable competitive edge allied to a substantial capacity to acquire more closed books of life and pensions business.
"We also believe that there will be opportunities for negotiating additional third party administration contracts with other insurers.”
