Lombard International Assurance has announced that its parent company has completed the acquisition of Philadelphia Financial’s life insurance companies with all regulatory approvals received.
With life insurance companies based in Luxembourg, the United States, Bermuda and Guernsey, the combined organisation is the leading global provider of insurance-based solutions for the high and ultra-high net worth market.
Commenting on the close of the deal, John Hillman, CEO of Philadelphia Financial and Chairman of Lombard International Assurance, said ‘We look forward to leveraging Philadelphia Financial's leadership position in the United States in the coming months to refine a robust global proposition. We will present our partners and their clients with an unequalled portfolio of solutions and truly global expertise. This capability is unmatched in the high and ultra-high net worth market and will allow us to uniquely address the complexity associated with the globalisation of family wealth’.
Echoing these remarks, Claude Marx, CEO of Lombard International Assurance, said ‘This acquisition will extend globally our position as the market leader in unit-linked life assurance solutions. This significant investment will allow us to further enhance our value proposition which combines insurance and innovative solutions offering clients around the world the opportunity to grow their wealth’.
