Charles Taylor, a UK-based insurance service provider, has purchased KnowledgeCenter, a provider of business solutions to insurance industry, for an undisclosed amount.
Formed in 2001, KnowledgeCenter provides business solutions to major insurers, including QBE, Beazley, Amlin, GulfRe, Generali, Munich Re, Advent, and other clients spread all across the globe.
The acquisition allows Charles Taylor to add new technology products and processes of KnowledgeCenter to its range of insurance support services.
It also provides KnowledgeCenter with the financial help and resources to develop its business process and document management software solutions.
Following the acquisition, both the businesses have joined to become Charles Taylor KnowledgeCenter, which is part of Charles Taylor Insurance Support Services, the groups' specialist outsourced insurance service provider.
Charles Taylor group chief executive officer David Marock said KnowledgeCenter is an excellent strategic fit with their Insurance Support Services business.
"Effective technology solutions, delivered by experienced insurance professionals, are essential for clients in the Lloyd's, London and international (re)insurance markets," Marock added.
Charles Taylor Insurance Services CEO Stephen Card said KnowledgeCenter has well-established client relationships with leading managing agents and insurers in the Lloyd's and London insurance markets which perfectly complement theirs.
"By combining KnowledgeCenter's products and processes with our highly regarded range of insurance support services we will be able to deliver additional services to our existing clients and extend our reach into new markets," Card added.
Charles Taylor KnowledgeCenter managing director Kevin Osborn said KnowledgeCenter provides technical assistance at all levels of a project's lifecycle from initial project definition, through consultancy, analysis and design to solution development, implementation and training.
"Joining Charles Taylor gives us the resources and backing we need to further develop our software and processes and to deliver new and innovative solutions to the international insurance market," Osborn added.
