Life assurance company expands
A Douglas life assurance firm has moved into the world of fund administration, after finalising a significant acquisition.
LCL International, the Island-based arm of UK insurance brokers Charles Taylor, has purchased Allied Dunbar International Fund Managers, along with a full closed book, from Swiss giants Zurich.
The deal has been on the cards since November last year, and has now been completed for an undisclosed sum.
Charles Taylor's chief executive, David Marock, says it will offer staff 'opportunities to deliver new services to fund managers in the Isle of Man' and demonstrates a commitment to doing business here.
LCL will now oversee the transaction and be responsible for reinsuring assets.