Utmost Group receives regulatory approval for Quilter International acquisition

The deal, worth a total of £481m, was first announced in April this year.

The transaction will add approximately £23bn of assets under administration and 90,000 policyholders to Utmost Group, taking total assets under administration to approx. £61bn and total policyholders to 580,000.

Quilter International will become part of Utmost International, the international life assurance business of Utmost Group, following completion.

Utmost International provides international life assurance to high-net-worth individuals through Utmost Wealth Solutions and group risk and savings solutions to multi-national corporates through Utmost Corporate Solutions.

Quilter International is an investment platform provider of cross-border investment solutions aimed primarily at affluent and high net worth UK residents seeking investment solutions outside of the UK, as well as expatriates and international investors in selected offshore markets.

Speaking in April, Utmost Group's CEO Paul Thompson said: “This is a highly attractive acquisition for Utmost Group and underscores the importance of our Utmost International business. Quilter International is highly complementary to our existing International business from both an operational, product and distribution perspective.

"The acquisition is in line with our growth strategy and positions us well to benefit from the fundamental growth trends in the international life assurance sector. The acquisition confirms Utmost Group’s position as a leading insurance consolidator with £58bn of assets under administration and 600K customers on a pro-forma basis and gives us an enhanced platform to pursue acquisitions.

"I look forward to welcoming all the staff, customers and distribution partners to our Group. We are delighted to work with Quilter on this transaction and look forward to a productive partnership in the future.”