Lombard International Assurance, a global leader in wealth structuring solutions, today announced that it has entered into an agreement 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 €500m 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 S.A. in July 2016, including €2.3 billion of assets under administration and the integration of over 700 policyholders.
Axel Hörger, CEO Europe of Lombard International, said: “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.”
About HSBC Life Assurance (Malta) Ltd
HSBC Life Assurance (Malta) Ltd. is a fully owned subsidiary of HSBC Bank Malta p.l.c., which is a member of the HSBC Group, whose ultimate parent company is HSBC Holdings p.l.c., headquartered in London. HSBC Group serves customers worldwide from around 4,000 offices in 70 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,375 billion at 31 December 2016, HSBC is one of the world’s largest financial services organisations.
About Lombard International Assurance
Lombard International Assurance is a leading life insurance-based wealth solutions provider, combining the strength and expertise of two specialist life insurance companies with over 25 years’ experience and market leadership in their respective fields. Lombard International Assurance provides wealth structuring solutions using unit-linked life insurance to high net worth individuals, their families and institutions around the globe.
The global group, branded as Lombard International, launched to market in September 2015. With head offices located in Luxembourg and Philadelphia, a combined global presence enables Lombard International to serve clients’ complex needs on a global basis while being sensitive to local cultures and attitudes. The firm is an industry leader in providing multi-jurisdictional wealth planning solutions through its partner networks across the United States, Europe and Latin America.
Global assets under administration are in excess of EUR 77.5 billion (at 31 December 2016) with a global staff number of over 600, including more than 60 technical experts specializing in 19 jurisdictions.
Funds managed by Blackstone own Lombard International. Blackstone is one of the world’s leading investment firms with over $385 billion in assets under management, at 30 September 2017.