26th Feb 2015 09:57
LONDON (Alliance News) - Insurance professional services company Charles Taylor PLC shares were trading higher on Thursday after the company said it has entered a conditional agreement to acquire three operating companies from SC Management.
SC Management is the third-party manager of The Strike Club, a marine mutual insurance club.
Under the terms of the deal, Charles Taylor & Co (Bermuda) will take over management of The Strike Club on completion of the deal with the initial management contract running to January 2019.
Charles Taylor will pay USD2.4 million in cash, to be paid over ten years starting in February 2016, to acquire SC Management (Luxembourg) SA, SC Services (Monaco) Sarl and SC Management SAM.
"We have been actively seeking opportunities to grow our Management Services business. This acquisition provides us with the opportunity to manage another well-regarded mutual insurance company, The Strike Club group, and is an important step in implementing our wider growth strategy," said Charles Taylor Chief Executive Officer David Marock.
Shares in Charles Taylor were up 3.8% to 275.00 pence on the news, one of the best performers in the FTSE All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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