This strategic acquisition will incorporate Lombard International’s prominent European operations into Utmost International, the international life assurance arm of Utmost Group; Lombard will continue to operate from its existing location in Luxembourg.
The acquisition marks a major milestone for the UK-based Utmost Group, solidifying its position as a leading global provider of international life assurance. In uniting the two substantial businesses, the group aims to enhance its capabilities across key European markets.
The acquisition will leverage existing distribution partnerships, deep local market expertise, and a complementary product suite to serve clients more effectively and support Utmost Group’s strategic goals.
The acquisition of Lombard will add £43 billion of assets and over 200,000 policies to Utmost International. On a combined basis at the end of 2024, Utmost would have operated £100bn of assets and over 210,000 policies, writing £6.4bn of new business.
The acquisition will be financed through a £200 million bank loan, with the remainder covered by existing cash reserves. The acquisition is subject to regulatory approvals and is expected to be completed by the end of this calendar year.
Paul Thompson, CEO of Utmost Group, remarked, “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 Utmost International and Lombard International provides additional scale to better serve our expanded international client base and distribution partners, utilising deep market insights, strong technical expertise, and a broader portfolio of products.”
Stuart Parkinson, CEO of Lombard International Group, commented, “This acquisition signifies a new and exciting chapter for Lombard International, ushering in expanded opportunities for our clients, partners, and employees. The combined group will deliver unparalleled service and expertise to support our clients’ evolving wealth planning needs.”
Florent Albert, Managing Director of Lombard International Assurance, added, “I am delighted that Lombard International is joining Utmost. Utmost has established itself as a leader in the insurance-based wealth sector, and I am confident they will be excellent stewards for our clients, partners, and employees. I look forward to working closely with the Utmost leadership team to integrate Lombard International into Utmost International.”
Utmost previously acquired Quilter International in November 2021, strengthening the group’s presence in Asia. Through the acquisition of Lombard, Utmost aims to elevate its global position and deliver long-term value to its stakeholders.
