The acquisition is conditional on regulatory and competition authority approvals and is expected to complete by Q1 2019.
Generali Worldwide is the sister company to Generali PanEurope, which was recently acquired by Utmost Wealth Solutions and renamed Utmost PanEurope. It provides single premium and regular premium unit‐linked investment solutions to customers outside of the EU. It is a partner of Generali Employee Benefits (GEB) for the provision of protection and retirement products to multinational employers. It has more than £4bn of assets and 70,000 policies. It has a head office in the Channel Islands and with a network of branches, licences and distribution relationships and it services clients predominantly in Latin America, the Middle East and the Far East. Soon after completion, Generali Worldwide will be renamed Utmost Worldwide and will adopt the Utmost Wealth Solutions branding.
The combined business will have in excess of €30 billion of client assets and significant operations in the Channel Islands, Ireland and the Isle of Man.
The company says its Corporate Risk and Savings client offering will be further enhanced by the broader and deeper relationship with GEB
Generali Link is located in Ireland and was established as a shared service provider with a particular focus on Fund and Policy Administration. The organisation provides services to Generali Worldwide as well as Utmost PanEurope.
LCCG group chief executive Paul Thompson says: “We are very pleased to announce the continued expansion of Utmost Wealth Solutions. I look forward to welcoming the customers, staff and distribution partners of Generali Worldwide’s business to our Group. It demonstrates our commitment to the international life market and further cements our position as a leader in the global market for specialist cross border wealth management and risk solutions.”
Generali Worldwide CEO Giorgio Daboni says: “This transaction represents a significant opportunity to expand our already successful and well‐ established business. Through a variety of acquisitions LCCG is creating an extensive portfolio of specialist and successful players in the cross‐border and international wealth management marketplaces. The obvious synergies that exist will add to our capabilities to continue to grow and expand our business. I emphasise that the business is being bought with a view to further development and will continue to offer its customers old and new, the highest levels of service.”