Lombard International Assurance Agrees To Buy Malta Book Of Business

Tom Burroughes

15 November 2017

, which provides wealth structuring solutions, has agreed to acquire a portfolio of life insurance policies from HSBC Life Assurance (Malta) Ltd, subject to regulatory approval. The agreement adds other integrations of business by the group in recent years.

The deal means Lombard will gain about €500 million ($588.4 million) of assets under administration, integrating a book of Italian clients. HSBC Life Assurance (Malta) Ltd is a fully-owned subsidiary of HSBC Bank Malta plc.

The acquisition is subject to regulatory approval and is expected to complete in 2018.

In July last year, Lombard bought Zurich Eurolife, including €2.3 billion of assets under administration, affecting more than 700 policyholders.

Lombard International Assurance, which is owned by US-based investments group Blackstone, launched to market in September 2015, with a presence in a number of regions, such as Asia, North America and Europe. One of its specialisms is use of private placement life insurance as a wealth protection and structuring tool.