Lombard International Assurance, a global provider of wealth structuring solutions, has entered into an agreement to acquire a portfolio of life insurance policies from HSBC Life Assurance (Malta) Ltd, subject to regulatory approval.
Lombard International Assurance will gain approximately EUR 500 million of assets under administration (AUA), integrating a book of Italian clients. The agreement is expected to complete in 2018.
This follows Lombard International Assurances acquisition of Zurich Eurolife S.A. in July 2016, including EUR 2.3 billion of AUA and the integration of over 700 policyholders.
Axel Hörger, chief executive Europe of Lombard International, said: “This acquisition further demonstrates Lombard International’s global growth ambitions both through organic and inorganic opportunities. Following the Zurich Eurolife acquisition last year, the announcement of our joint venture in Mexico, coupled with our US and Asia footprint, we are increasingly able to serve our clients successfully on a global scale, leveraging our in-house expertise.”
Lombard International Assurance is a life insurance-based wealth solutions provider, providing wealth structuring solutions using unit-linked life insurance to high net worth individuals, their families and institutions around the globe.