Utmost Group has received regulatory approval to complete the acquisition of Lombard International Assurance Holdings.

Upon completion of the deal, which is expected to occur on 30 December 2024, Lombard International will become part of Utmost International.

The acquisition merges the two insurance-based wealth solutions businesses, which Utmost said strengthened its position in key European markets and provided a platform to serve its clients’ long-term financial needs.

On a combined basis as at 30 June 2024, Utmost International would have had over £100bn of assets under administration and around 210,000 policyholders.

Following completion, Utmost will begin integrating Lombard International into its business.

Lombard International will continue to operate in Luxembourg with its existing suite of products, which will be distributed under the Utmost brand by a single combined salesforce in parallel with Utmost’s existing products.

Commenting on the acquisition, Utmost Group CEO, Paul Thompson, “I am delighted that we are now in a position to complete this transformational acquisition, which represents a major strategic milestone for the Group.

“This acquisition enhances our geographic footprint, client offering and local market knowledge, strengthening the platform with which to execute on our strategy.

“We have bold strategic ambitions for our business, and I am confident that we are well placed to serve our clients’ long-term financial needs and deliver long-term value to our people and shareholders.

“I am excited by our future prospects and look forward to welcoming Lombard International’s employees, clients, and partners to Utmost Group.”

---