Utmost Group takes over European life insurance business

As part of the transaction, Lombard International, which includes the European operations, will be renamed Utmost International and will become the group’s international life insurance business.

The transaction will increase the value of assets under Utmost’s administration by £43 billion and add more than 20,000 policies.

Utmost has confirmed that Lombard International will continue to operate from its Luxembourg-based operations, offering its existing product range, which will be distributed under the Utmost brand by a single, combined sales team, alongside Utmost products.

The transaction was financed with a bank loan of £200 million, with the remainder covered from existing cash reserves.

Stuart Parkinson, Chief Executive Officer of Lombard International Group, said: “This acquisition opens an exciting new chapter in Lombard International’s history, ushering in a period of expanded opportunity for our customers, partners and employees.