The new life assurance company, called Akaan Lombard International, will be owned 50% by each business with a planned launch date subject to regulatory approvals “later in the year”.
Based in Santa Fe, Mexico City, the company will offer wealth-structuring solutions using unit-linked life assurance to high net worth individuals and families in Mexico, as well as Mexicans residing outside of the country.
Lombard International’s executive chairman, John Hillman and executive vice president, head of global Distribution, Ken Kilbane, will join the board of Akaan Lombard International alongside representatives from Akaan.
Hillman said: “This joint venture creates a compelling opportunity, underlines our commitment to Latin America and supports our global strategy, following record growth in 2016. Akaan has an excellent reputation in Mexico and we are pleased to bring our technical expertise and innovative solutions to the joint venture to serve the needs of high net worth individuals and their families in Mexico and beyond.”
He added that “as individuals live longer, increasingly global lives and the geopolitical landscape becomes ever more complex, developing flexible, long-term wealth structuring solutions has never been more important”.
Akaan’s chairman and founder, Fernando Quiroz, said: “This joint venture is in line with our strategy to partner with world class firms in order to bring best in class financial solutions to the Mexican market.”
Akaan, which has a presence in Mexico City, Guadalajara and Monterrey, has a product range including alternative investments, actively as well as passively managed funds and a number of investment strategies.