M and A
Lombard International Assurance Agrees To Buy Malta Book Of Business
The acquisition follows another M&A deal made by the organisation last summer.
Lombard
International Assurance, which provides wealth structuring
solutions, has agreed to acquire a portfolio of life insurance
policies from HSBC Life Assurance (Malta) Ltd, subject to
regulatory approval. The agreement adds other integrations of
business by the group in recent years.
The deal means Lombard will gain about €500 million ($588.4
million) of assets under administration, integrating a book of
Italian clients. HSBC Life Assurance (Malta) Ltd is a fully-owned
subsidiary of HSBC Bank Malta plc.
The acquisition is subject to regulatory approval and is expected
to complete in 2018.
In July last year, Lombard bought Zurich Eurolife, including €2.3
billion of assets under administration, affecting more than 700
policyholders.
Lombard International Assurance, which is owned by US-based
investments group Blackstone, launched to market in September
2015, with a presence in a number of regions, such as Asia, North
America and Europe. One of its specialisms is use of private
placement life insurance as a wealth protection and structuring
tool.
