Beechwood Bermuda, a provider of international investment plans, has wrapped up its acquisition of Old Mutual Bermuda, a provider of insurance and investment products with over $1bn in assets, which closed for new business in 2009.

Beechwood now has more than $2bn in total assets and is featured on the platforms of over 100 banks and brokerage firms around the globe.

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The deal, which closed on 31 December 2015, provides for the continuation of service support by Old Mutual for the Old Mutual Bermuda (OMB) products over the next three years.

It is also agreed that Old Mutual will reinsure certain policy guarantees until they mature in 2017 and 2018.

"Given the continuity of resources, no disruption to client service is anticipated," Beechwood Bermuda said.

Beechwood CEO Mark Feuer said: "This transaction offers a unique opportunity to strengthen our position as a global leader and demonstrates our dedication to providing innovative financial solutions for international investors. Our scale and resources will allow us to continue to meet and further develop client demand for our products for years to come."

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Beechwood added that it will be contacting OMB’s distribution partners over the next several weeks to discuss the transition.

Beechwood executive vice president of products and services David Lessing said: "The growing client demand for the Beechwood products reinforces our decision to make a significant commitment to this business in support of our distribution partners and their financial advisors."

Financial terms of the transaction were not disclosed.