Lombard International Group, a market leader in insurance-based wealth, estate and succession planning solutions for upper affluent, high net worth and ultra-high net worth individuals, families and institutions has announced today that it has entered into a definitive agreement to sell its US and Bermuda business to BroadRiver Asset Management and its affiliated entities.
There will be no impact on clients’ policies as a result of this announcement. Both clients and partners of Lombard International US will continue to receive the same high-quality service from the Company. The transaction is subject to customary closing conditions, including regulatory approvals and is expected to complete by mid-2023.
Lombard International Group will remain focused on growing its strong businesses in Europe, including serving the wealth hubs of Asia and Latin America via its European carriers, continuing to provide comprehensive wealth planning solutions that offer flexibility, portability, asset diversification and protection.
BofA Securities acted as financial advisers and Debevoise & Plimpton LLP was legal adviser to Lombard International Group.
Stuart Parkinson, Group Chief Executive of Lombard International, commented: “BroadRiver is taking stewardship of an excellent asset with great future potential. This new investment will enable the US and Bermuda business to leverage its strong track record and focus on growing the business further. I am confident BroadRiver will be an excellent owner of Lombard International US.
In Europe, as the largest provider of insurance-based wealth, estate and succession planning solutions, our sights remain set on further growth and continued market expansion. We are a leading, internationally diverse company with experienced wealth structuring specialists, subject matter and technical experts serving over 20+ markets and speaking over 30 languages. At the forefront of sector innovation, driven by continued investments in digitalisation and connectivity with our partners, the business is well positioned to seize the market opportunities ahead.”
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About BroadRiver Asset Management
Founded in 2009, BroadRiver is an alternative fixed income firm specializing in the management of uncorrelated investments characterized by attractive yield, high credit quality, low volatility, and self-amortization.