British insurance services provider Charles Taylor plc (LON:CTR) on Thursday said it had agreed to buy 60% in Saudi Arabia’s Noble Inspection and Loss Adjustment Company (Nilaco), in a move to take its loss adjusting office network into regions with demand from local and global insurance markets.
Under the deal terms, Charles Taylor will provide an initial cash price of USD163,000 (EUR132,000) and a further cash consideration of USD68,000, with the vendor to also subscribe for USD43,000 worth of Charles Taylor shares at completion.
The British buyer, which see substantial growth opportunities in the Middle East, secured with this deal a presence and a full adjusting license in Saudi Arabia, while adding to its existing multi-line loss adjusting business in Dubai and Doha, CEO David Marock said in a comment.
A licensed loss adjusting company, Nilaco brings a presence in Riyadh and Jeddah to Charles Taylor Adjusting’s network.
Completion is subject to conditions, including clearances from some regulators and government authorities, the buyer said.
London-based Charles Taylor, offering services to insurance clients since 1885, currently runs 47 offices in 23 countries in the UK, the Americas, Asia Pacific, Europe and the Middle East. The company, whose services cover the entire spectrum of the insurance market, operates via Management, Adjusting and Insurance Support Services divisions employing a total of 900 staff.