US firm completes acquisition of Charles Taylor

Investment company, Jewell Bidco, owned by US private equity firm, Lovell Minnick, has completed the acquisition of global insurance services and technology solutions provider, Charles Taylor.

No changes are expected to be made to either management structures or reporting lines of the business, headquartered in London, as part of the agreement.

The company also stated that both parties aim to grow Charles Taylor’s adjusting, medical assistance and other claims services businesses globally and to develop its insurtech business.

Group chief executive officer of Charles Taylor, David Marock believes the deal is positive news for Charles Taylor, its clients, partners and staff and welcomed Lovell Minnick’s commitment to driving the business forward.

Partner of Lovell Minnick, Jason Barg added: “We share a vision with the Charles Taylor team to continue supporting its clients, further advancing the ways in which we can support them, while further growing the platform over years to come.”

The deal was first announced in September 2019, for a value of approximately £260m and an offer price of 315 pence per share, representing a 34% premium.

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