Lloyd’s of London Sells Aviation Unit to Charles Taylor

Charles Taylor Group has acquired the business of Lloyd’s Aviation, the second largest of its kind in the London market with 30 percent of business volumes for $3.89 million.

The deal is a further step in the restructuring of the Corporation of Lloyd’s begun last year. “Lloyd’s Aviation has always functioned as a semi-autonomous business within the corporation,” said Andrew Duguid, Lloyd’s director of development. “What’s become increasingly clear is that it will perform better if allowed to become fully commercial. Consequently, as part of the modernization drive now taking place at Lloyd’s, the decision to sell was taken.”

Lloyd’s Aviation staff will receive up to 134,952 new shares in CTG as part of the deal. Lloyd’s Aviation, the second largest business of its kind in the London market, was formed as Lloyd’s Aviation Department in January 1960, providing aviation loss adjusting and surveying services to the international insurance market. Its staff will transfer to new premises close to Lloyd’s and the London Market following completion of the sale.