CHARLES TAYLOR COMPLETES FURTHER RUN-OFF DISPOSAL

Charles Taylor plc has completed the transfer of the insurance business written by its Irish subsidiary Beech Hill Insurance Ltd to Berkshire Hathaway subsidiary Tenecom Ltd. Charles Taylor announced in October last year that it wanted to exit non-life insurance companies in run-off and confirmed that Tenecom was lined up to buy both Beech Hill Insurance and Cardrow Insurance. Last month, Charles Taylor completed the sale of its holding in Bestpark International to Ashbrooke Financial Group. Charles Taylor said once the transfer or wind-up of all three subsidiaries is complete, it will no longer have any non-life companies in run-off. It added that it has refocused its business on life insurance in run-off and is actively seeking new acquisitions.