Charles Taylor subsidiary to sell stake in Bestpark International

5th Oct 2015 10:41

(ShareCast News) - Charles Taylor's subsidiary, LCL acquisitions Limited, has entered into an agreement to sell its holding in Bestpark International - an insurance company in run-off - to Ashbrooke Financial Group for an undisclosed sum.The company, which provides professional services to insurers, said the sale was an important step forward in its stated business strategy of reducing its exposure to non-life insurance companies in run-off.However, the company is still actively seeking acquisition opportunities in the UK international life insurance run-off sector and offers claims management and run-off services to non-life and life (re)insurers in run-off.Chief executive officer David Marock said: "The sale of Bestpark marks an important milestone in delivering our owned insurance companies business strategy. We have been seeking to reduce our ownership of non-life run-off insurers for some time."We will continue to focus our strategy on acquiring life insurance companies in run-off, which offer attractive opportunities and generate cash releases for the group. In fact, over the last four years we have made four successful life insurance company acquisitions."At 1050 BST, Charles Taylor shares were down 3.4% at 255p.