Utmost to buy Aegon Ireland’s int’l investment bond business

Aegon Ireland was sold on 3 April 2018 by its parent company to Athora Holding, formerly Ager Bermuda Holding, for around £170m ($239m, €195m).

The international investment bond portfolio that Life Company Consolidation Group (LCCG) is to buy from Athora comprises a range of single premium, open architecture, non-guaranteed unit-linked investment bonds.

They were primarily distributed through private banks and specialist IFAs to UK residents. In aggregate, there are in excess of €3bn (£2.6bn, $3.7bn) of client assets across 7,000 policies.

Following completion, which is expected by the end of 2018, all policyholders and some employees will transfer to Utmost Ireland dac.

LCCG said the portfolio is “highly complementary” to Utmost’s existing business, which is in the process of acquiring Generali PanEurope.

According to LCCG’s statement, the transaction is an important further step towards achieving its near-term target of in excess of €30bn of client assets.

Paul Thompson, group chief executive of LCCG, said: “We are very pleased to announce a further significant development of Utmost Wealth Solutions so soon after the proposed acquisition of Generali PanEurope.

“I look forward to welcoming the customers, staff and distribution partners of Aegon Ireland’s International investment bond business to our group. It demonstrates our continued commitment to the International life market and further cements our position as a formidable force in the European market for specialist cross border wealth management solutions.”