Utmost Wealth Solutions is to acquire the Generali Worldwide Insurance Company and General Link in a move to further strengthen its "global footprint".
The firm’s parent company, specialist life assurance group Life Company Consolidation Group (LCCG), expects the deal to be completed by Q1 2019.
London-based LCCG is backed by private equity capital and has been busy snapping up closed book business, such as Reliance Mutual Insurance Society, which it bought in February last year.
Reliance Life, which it also owns, took over the policies of troubled life insurer Equitable Life, which sought to boost its capital distribution.
Utmost Wealth Solutions provides international savings, protection and investment solutions in the UK, Europe and Asia from Ireland and the Isle of Man and is designed for individual, corporate and trustee applications, with current total policyholder assets of around €24bn (£21.4bn).
Generali Worldwide provides single premium and regular premium unit-linked investment solutions to customers outside of the EU and is the sister company to Generali PanEurope - the firm recently acquired by Utmost Wealth Solutions and renamed Utmost PanEurope.
After completion, Generali Worldwide will be renamed Utmost Worldwide and the combined business will have in excess of €30bn (£26.7bn) client assets and operations in the Channel Islands, Ireland and the Isle of Man.
A spokesperson for Utmost Wealth Solutions said their current strength in the UK and Continental Europe combined with Generali Worldwide’s network in Latin America and the Middle and Far East would create a broader offering to clients and advisers globally.
Utmost Wealth Solutions will also acquire Generali Link as part of the transaction, the shared service provider based in Ireland, with a focus on fund and policy administration - it currently provides services to Generali Worldwide and Utmost PanEurope.
Paul Thompson, group chief executive of the Life Company Consolidation Group, said the move demonstrated a commitment to the international life market.
He said: "We are very pleased to announce the continued expansion of Utmost Wealth Solutions. I look forward to welcoming the customers, staff and distribution partners of Generali Worldwide’s business to our group.
"It further cements the company’s position as a leader in the global market for specialist cross border wealth management and risk solutions."
Giorgio Daboni, CEO of Generali Worldwide, said the transaction represented an opportunity to expand the business.
He said: "Through a variety of acquisitions LCCG is creating an extensive portfolio of specialist and successful players in the cross‐border and international wealth management marketplaces.
"The obvious synergies that exist will add to our capabilities to continue to grow and expand our business. I emphasise that the business is being bought with a view to further development and will continue to offer its customers old and new, the highest levels of service."
rachel.addison@ft.com
