Charles Taylor acquires insurance provider, Nordea Life & Pensions

24th Nov 2014 10:19

Global insurance service provider, Charles Taylor has announced the completion of its acquisition of Nordea Life & Pensions.Nordea Life & Pensions provides personalised life insurance products primarily to high net worth individuals.The news follows the company's recent purchase of two other insurance services firms, Alico Isle of Man and Global Life Assurance. It is reported that these acquisitions have already delivered cash releases for the company.Chief executive David Marock said: "The policyholders of Nordea Life & Pensions will continue to enjoy excellent levels of service and by merging the business into Charles Taylor's life insurer, we will be able to streamline management, improve systems and deliver efficiencies without compromising service."We expect the acquisition to be modestly earnings enhancing and it has the potential for an early payback of our investment."As of 10:30 on Monday, the group's share price slipped 0.40% to 251.50p per share.