The Utmost Group has received all necessary regulatory approvals to complete the acquisition of Lombard International Assurance Holdings.
The acquisition is expected to complete on December 30.
On completion, Lombard International will become a part of Utmost International, which has an office in Onchan, the international life assurance business of Utmost Group.
Commenting on the acquisition, Paul Thompson, chief executive of Utmost Group PLC said: ‘I am delighted that we are now in a position to complete this transformational acquisition, which represents a major strategic milestone for the Group.
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‘This acquisition enhances our geographic footprint, client offering and local market knowledge, strengthening the platform with which to execute on our strategy.
‘We have bold strategic ambitions for our business, and I am confident that we are well-placed to serve our clients’ long-term financial needs and deliver long-term value to our people and shareholders.
‘I am excited by our future prospects and look forward to welcoming Lombard International’s employees, clients, and partners to Utmost Group.’
A spokesperson for the Utmost group added: ‘The acquisition brings together two large-scale insurance-based wealth solutions businesses, strengthening Utmost’s position in key European markets and providing a strong platform to serve its clients’ long-term financial needs.
‘The acquisition will also strengthen the Group’s client offering by combining the existing distribution partner relationships and complementary product suites.
‘On a combined basis as at June 30, 2024, Utmost International would have had over £100bn of assets under administration and approximately 210,000 policyholders.’
‘Following the completion, Utmost will commence the integration of Lombard International into Utmost. Lombard International will continue to operate from Luxembourg with its existing suite of products.
‘These will be distributed under the Utmost brand by a single combined global salesforce in parallel with Utmost’s existing products, maintaining the combined group’s existing distribution models.’