International Financial Group Limited (IFGL) has completed the deal to buy Douglas firm Isle of Man Assurance Limited (IoMA’s) wealth book of business.
At the start of the year, IFGL announced the deal, subject to regulatory approval, and this has now been received.
The book of business totals circa 2,000 policies and an Assets Under Management (AUM) of more than £400m, providing additional size and scale to IFGL, which employs more than 500 people across its Douglas and Castletown offices.
The deal solely covers IoMA’s wealth book of business and does not include the acquisition of the company or the transfer of any staff to IFGL.
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A spokesperson from the company says there are no material changes to any policy values, benefits or material changes to terms and conditions as a result of the transfer.
When the deal was initially announced in January, IFGL insurance business managing director Mike Crellin said: ‘This acquisition is part of IFGL’s long-standing strategy of growth through acquisition, as well as organically. The deal is an opportunity for us to provide existing IoMA wealth customers with the high standards of service for which IFGL is internationally recognised.’
IoMA chairman Robin Bigland said: ‘In a changing world we at IoMA feel that the future of our wealth clients will be best served in the hands of a renowned financial group. We are very pleased that IFGL will hereafter fill that role.’
IFGL already owns RL360, Friends Provident International Limited, Ardan International and IFGL Pensions.