In a short statement released on Thursday, Axa said that completion of the transaction is subject to regulatory approvals and the usual conditions, and is expected to complete in the second half of 2016.
The parties agreed not to disclose the terms and conditions of the transaction, Axa said.
LCCG said in a statement on its website that its strategy is to “maintain and grow the UK franchise and to continue the highly successful relationships with Axa Life Europe for the provision of offshore bonds in to the UK from Dublin, and with Axa in Hong Kong and Singapore for the distribution of products in Asia”.
It added that it will seek to enhance and complement the new business growth of Axa Isle of Man through acquisition led growth.
Axa’s Isle of Man business is a major provider of offshore bonds into the UK and one of the largest UK providers across the Isle of Man and Dublin, with over £9bn (€11.5bn, $13.1bn) of assets, LCCG stated.
Axa Wealth International is the brand used for the promotion of offshore investment products offered by Axa Isle of Man and Axa Life Europe, according to Axa Life Europe’s website.
Axa Life Europe is authorised by the Central Bank of Ireland, and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority of the UK.
Founders have 40 years of life sector experience
LCCG lists its main business activity as the acquisition and consolidation of books of life assurance business in Europe. It was founded in 2013 by Paul Thompson and Ian Maidens who between them have over 40 years of experience in the life sector.
Thompson’s career included a role as group chief executive of Britannic Group in 2003 where he restructured the business as consolidator and merged it with Resolution I in 2005. It was subsequently sold to Pearl Group (now known as Phoenix).
Maidens worked with Resolution I from its inception and became a founding partner of Resolution II in 2008, leading it to the creation of what was Friends Life Group.
According to LCCG’s website, the firm has a group head office in London, with its holding company registered in Guernsey. Its main operating entity is Harcourt Life Assurance Company which is based in Dublin and regulated by the Central Bank of Ireland.
In December last year Harcourt Life bought Scottish Mutual International from Phoenix Life, which is part of the Phoenix Group.