Acquisition adds 43 bln pounds of assets under administration (Il Sole 24 Ore Radiocor) - London, 04 Jul - The UK provider of insurance and savings solutions Utmost Group said that it has entered into an agreement to acquire Lombard International Assurance Holdings.

The acquisition encompasses Lombard International's leading European business. Lombard International will become a part of Utmost International, the international life assurance business of Utmost Group.

The acquisition will add 43 billion pounds of assets under administration and over 20,000 policies to Utmost International. On a combined basis, Utmost International would have had 100 billion pounds of assets under administration and over 210,000 policies, and would have written 6.4 billion of new business at the end of 2023.

Utmost said that the acquisition will be financed through a 200 million pound bank loan, with the remainder covered by existing cash reserves.

The deal is expected to complete by the end of 2024.

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(RADIOCOR) 04-07-24 17:12:55 (0484) 5 NNNN