International Financial Group Limited (IFGL) has completed the deal to buy Isle of Man Assurance Limited (IOMA’s) wealth book of business.
At the start of the year, IFGL announced the deal, subject to regulatory approval, and this has now been received, the Isle of Man-headquartered group said on 10 December.
“The book of business totals circa 2,000 policies and an AUM of over £400m, providing additional size and scale to IFGL.
“The deal solely covers IOMA’s wealth book of business and does not include the acquisition of the company or the transfer of any staff to IFGL.
“There are no material changes to any policy values, benefits or material changes to terms and conditions as a result of the transfer”, the statement said.
