Cross border insurance group Octium Group has agreed to acquire Credit Suisse Life & Pensions for an undisclosed sum.
The Credit Suisse subsidiary focuses primarily on German and Italian insurance clients with offices in Vaduz and Milan.
The deal is subject to regulatory approval and will see Octium strengthen its European footprint.
Jean-Francois Willems, group chairman of Octium, said: “The acquisition of Credit Suisse Life & Pensions represents a further step towards the implementation of our growth strategy, positioning Octium as a leading provider in the life insurance market across the entire European Economic Area.
“It is highly complementary to both our existing business, from an operational, product and distribution perspective, and future business development plan”.
Francesco Camerlingo, group head of sales and business development at Octium, said that the acquisition is “a great opportunity also from a business development perspective as we can leverage on the insurance carrier in Liechtenstein to access new markets and develop new products and solutions”.
Octium Group is headquartered in Luxembourg and has operations in Ireland, Liechtenstein and Switzerland.