Life insurer Octium Group has reached agreement on the acquisition of Credit Suisse Life & Pensions AG.
The deal for the Credit Suisse subsidiary, which focuses primarily on German and Italian insurance clients from offices in Vaduz and Milan, is subject to regulatory approval.
Commenting on the deal, Octium group chairman Jean-Francois Willems said: “We believe the acquisition of Credit Suisse Life & Pensions AG represents as further step towards the implementation of our growth strategy, positioning Octium as a leading provider in the life insurance market across the entire European Economic Area.
“It is highly complementary to both our existing business, from an operational product and distribution perspective, and future business development plan.”
Octium group CEO Dara Hurley, added: “This is a clear indication of the strength of Octium’s reputation.
“Within the last few years, the two largest Swiss Banks view Octium as such a trusted partner, that they were prepared to transfer their own in-house entities and for Octium to take over the care of their clients’ life insurance requirements.”