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Utmost Group has entered into an agreement to acquire Lombard International, subject to regulatory and other approvals.

The deal includes Lombard International’s leading European business. Also, Lombard International will become a part of Utmost International, the international life assurance business of Utmost Group.

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In addition, the acquisition will confirm Utmost International as a top player in international life assurance.

Furthermore, it will add £43bn of assets under administration and over 20,000 policies to Utmost International.

Reaction to the Utmost deal with Lombard

Paul Thompson, CEO of Utmost Group, said: “The acquisition of Lombard International marks an exciting milestone in Utmost’s journey, fortifying our European position and establishing us as a leading global provider of insurance-based wealth solutions. The combined strength of the merged Utmost International and Lombard International gives added scale to the Group. It will enable us to better serve our expanded international client base and distribution partners, utilising deep market insights, strong technical expertise and a broader portfolio of products.

“The addition of Lombard International is highly complementary to Utmost’s previous transaction – the acquisition of Quilter International completed in November 2021 – which strengthened our presence in the UK and Asia. Lombard International’s established, longstanding 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.

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“I look forward to welcoming Lombard International’s people, clients and partners to Utmost and to working closely with the Lombard International leadership on completing this transaction.”

Stuart Parkinson, CEO of Lombard International Group, added: “This acquisition signifies 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 deliver unparalleled service and expertise to support the evolving wealth planning needs of our clients.

“The strategic fit of Lombard International and Utmost, with aligned focus on growth and client centricity, will enable the combined entity to continue on its growth trajectory and seize the opportunities that lie ahead.”

Florent Albert, managing director of Lombard International Assurance continued: “I am delighted that Lombard International is to join Utmost. Utmost have established themselves 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 embed Lombard International into Utmost International.”