New developments in the industry. Utmost Group has announced the signing of an agreement to acquire Lombard International. According to the company, this acquisition would unite two major companies in insurance-based wealth solutions, “strengthening Utmost’s position in key European markets and providing a solid platform to meet the long-term financial needs of its clients.”
The transaction, which is still subject to the necessary regulatory approvals, encompasses Lombard International’s European business, which will become part of Utmost International, the international life insurance business of Utmost Group. They highlight that by combining existing relationships with distribution partners, deep local market knowledge, and a range of complementary products, “the acquisition provides a solid platform for the Group to serve its clients and execute its strategic ambitions.”
Regarding the specific details of this transaction, both companies indicate that the purchase will add $54.8 billion in assets under management and more than 20,000 policies to Utmost International. Lombard International will continue to operate from Luxembourg with its current range of products, which will be distributed under the Utmost brand by a single combined global sales force in parallel with Utmost’s existing products, maintaining the existing distribution models of the combined group.
Additionally, they point out that the scale increase achieved through this purchase will allow Utmost to identify opportunities for efficiencies and capital synergies. “The Group will focus on leveraging the complementary capabilities of the combined entity to deliver value creation to stakeholders,” they note.
Key Statements
Following this announcement, Paul Thompson, CEO of Utmost Group, stated, “The acquisition of Lombard International marks an exciting milestone in Utmost’s journey, strengthening our position in Europe and establishing us as a leading global provider of insurance-based wealth solutions. The combined strength of the merger between Utmost International and Lombard International adds scale to the Group. It will enable us to better serve our expanded base of international clients and distribution partners, leveraging deep market knowledge, strong technical expertise, and a broader product portfolio.”
Thompson believes that the integration of Lombard International is highly complementary to Utmost’s previous transaction: the acquisition of Quilter International completed in November 2021, which strengthened their presence in the UK and Asia.
“Lombard International’s established and long-standing networks in Europe will enhance Utmost’s global credentials and enable us to better serve our clients and partners, delivering long-term value for our people and shareholders. I look forward to welcoming Lombard International’s people, clients, and partners to Utmost and working closely with Lombard International’s leadership to complete this transaction,” he added.
For his part, Stuart Parkinson, CEO of Lombard International Group, commented, “This acquisition marks 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 offer unparalleled service and expertise to support our clients’ evolving wealth planning needs. The strategic fit between Lombard International and Utmost, with a shared focus on growth and client-centricity, will enable the combined entity to continue its growth trajectory and capitalize on emerging opportunities.”
Finally, Florent Albert, Managing Director of Lombard International Assurance, added, “I am delighted that Lombard International is joining Utmost. Utmost has established itself as a leader in the insurance-based wealth sector, and I am confident that they will be excellent stewards for Lombard International’s clients, partners, and employees. I look forward to working closely with Paul, Ian, and the rest of the Utmost leadership team to integrate Lombard International into Utmost International.”
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