Lombard International Assurance has entered into a definitive agreement with Zurich Eurolife S.A. to acquire its Private Banking Solutions business in Luxembourg. The sale is subject to regulatory approvals and it is expected to complete in the first quarter of 2016.
Lombard International Assurance was chosen because of its leading position in the industry as a provider of multi-jurisdictional wealth planning solutions to high net worth individuals and their families throughout Europe, the United States and Latin America. Lombard International Assurance’s European partner networks will ensure continued support to the clients impacted by the acquisition.
This acquisition further strengthens Lombard International Assurance’s position in Europe. In Italy its commitment to clients and distributors is reinforced through a branch office in Milan and a representative office in Rome.
John Hillman, Executive Chairman of Lombard International, said: “This transaction further demonstrates Lombard International’s leadership position and commitment to the market. It allows us to leverage our resources effectively to serve our target market by providing best-in-class, holistic wealth planning solutions for clients across the globe.”
Xavier Nevez, CEO of Zurich Eurolife S.A., said: “The decision to sell our Private Banking Solutions Business in Luxembourg is in line with Zurich Insurance Group’s strategy to focus its investments on businesses and markets where it has a strong and competitive position. In Luxembourg, we continue to focus on corporate risk and savings solutions.”
About Zurich Eurolife S.A.
Zurich Eurolife S.A. – Zurich’s wholly owned subsidiary in Luxembourg – has been providing life insurance to individuals since 1995. The Zurich Group is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, Zurich provides a wide range of general insurance and life insurance products and services. The Zurich Group serves individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries.
For further information about Zurich Eurolife S.A. visit: www.zurich.lu
About Lombard International Assurance
Lombard International Assurance is a leading life insurance-based wealth solutions provider, combining the strength and expertise of two specialist life insurance companies with over 20 years’ experience and market leadership in their respective fields. Lombard International Assurance provides wealth structuring solutions using unit-linked life insurance products to high net worth individuals, their families and institutions around the globe.
The global group, branded as Lombard International, launched to market in September 2015. With head offices located in Luxembourg and Philadelphia, a combined global presence enables Lombard International to serve clients’ complex needs on a global basis while being sensitive to local cultures and attitudes.
Global assets under administration are in excess of USD 75 billion with a global staff number of over 500, including more than 60 technical experts specializing in 20+ jurisdictions.
Funds managed by Blackstone own Lombard International. Blackstone is one of the world’s leading investment firms with over $330 billion in assets under management.
For further information about Lombard International Assurance visit: www.lombardinternational.com.