Utmost Group has received all necessary regulatory approvals to complete the acquisition of Lombard International Assurance Holdings ahead of expected completion of the deal on 30 December 2024.
Upon completion, Lombard International will become a part of Utmost International, the international life assurance business of Utmost Group.
Utmost said the acquisition strengthens its position in key European markets and provides a strong platform to serve its clients’ long-term financial needs.
It added the deal 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 30 June 2024, Utmost International would have had more than £100bn of assets under administration and approximately 210,000 policyholders.
Following completion of the deal, Utmost revealed it will commence the integration of Lombard International into Utmost.
While 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.
Paul Thompson, CEO of Utmost Group, 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.
“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.”
