Lombard International Assurance, the global leader in wealth structuring solutions, today announces the completion of the acquisition of the Private Banking Solutions business of Zurich Eurolife S.A. The transaction, first announced in January 2016, has now received regulatory approvals from the Istituto per la Vigilanza sulle Assicurazioni in Italy (IVASS) and the Commissariat aux Assurances (CAA) in Luxembourg.
As a result, Lombard International Assurance has acquired €2.3 billion of assets under administration and over 700 clients, most of them Italian policyholders. The company’s strategy is to strengthen its leadership position as a provider of choice of multi-jurisdictional wealth structuring solutions for the High and Ultra High Net Worth segment and their families with a focus on Europe, US and Latin America.
Lombard International Assurance will guarantee continuity of service to all clients involved in the acquisition.
In Italy, Lombard International Assurance has a branch office in Milan and a representative office in Rome. It is also present in Lugano.
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 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 $350 billion in assets under management.