The Utmost Group has purchased Lombard International for an undisclosed sum.
As part of the deal Lombard International, which encompasses its European business, will be renamed to Utmost International and become the international life assurance business of the group.
The deal will add £43bn of assets under administration and more than 20,000 policies to Utmost.
Utmost confirmed that Lombard International will continue to operate from Luxembourg with its existing suite of products which will be distributed under the Utmost brand by a single combined salesforce, in parallel to Utmost’s products.
Financing for the deal came from a £200mn bank loan with the remainder covered by existing cash reserves.
Stuart Parkinson, chief executive of Lombard International Group said: "This acquisition signifies a new and exciting chapter for Lombard International, ushering in a period of expanded opportunities for our clients, partners and employees.
"The combined Group will deliver unparalleled service and expertise to support the evolving wealth planning needs of our clients.
“The strategic fit of Lombard International and Utmost, with aligned focus on growth and client centricity, will enable the combined entity to continue on its growth trajectory and seize the opportunities that lie ahead.”
Paul Thompson, chief executive of Utmost Group added: “The acquisition of Lombard International marks an exciting milestone in Utmost’s journey, fortifying our European position and establishing us as a leading global provider of insurance-based wealth solutions.
“The combined strength of the merged Utmost International and Lombard International gives added scale to the group.
"It will enable us to better serve our expanded international client base and distribution partners, utilising deep market insights, strong technical expertise and a broader portfolio of products.”
This comes after Utmost purchased Quilter International in 2021 expanding the company’s presence in the UK and Asia.
alina.khan@ft.com
