Lombard International Assurance is to acquire a portfolio of life insurance policies from HSBC Life Assurance (Malta) Ltd, subject to regulatory approval.
This acquisition of an in-force book of policies will further strengthen Lombard International Assurance’s position as the leading provider of multi-jurisdictional, wealth planning solutions to high net worth individuals and their families. The acquisition is subject to regulatory approval and is expected to complete in 2018.
Lombard International Assurance will gain approximately EUR500 million of assets under administration, integrating a book of Italian clients. These clients will benefit from Lombard International’s long term commitment and local presence in the Italian market including high quality policy reporting and excellent client service.
Lombard International Assurance has a proven track record of integrating existing portfolios, demonstrated by its acquisition of Zurich Eurolife SA in July 2016, including EUR2.3 billion of assets under administration and the integration of over 700 policyholders.
Axel Hörger (pictured), CEO Europe of Lombard International, says: “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.”