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Sunday, March 3, 2024

Lombard Worldwide completes sale of US & Bermuda companies

Lombard Worldwide Group has accomplished the sale of its US and Bermuda companies (Lombard US/BDA) to BroadRiver Asset Administration.

The businesses didn’t disclose the monetary phrases of the transaction.

With belongings price $12bn underneath administration as of June 2023, Lombard US/BDA affords non-public placement life insurance coverage and annuities options to people and organisations.

The US and Bermuda companies comprise a number of corporations together with Lombard Worldwide Life Assurance Firm (Bermuda), Lombard Worldwide Life Assurance Firm (Pennsylvania), Lombard Worldwide Life Assurance Firm of New York, and Lombard Worldwide World Insurance coverage (Bermuda).

Michael Farrell, the previous chairman, president and CEO of MetLife Insurance coverage Firm of Connecticut, was named Lombard US/BDA’s CEO after the acquisition.

Tom Considine, a former New Jersey Commissioner of Banking & Insurance coverage and CEO of the Nationwide Convention of Insurance coverage Legislators, was chosen to function the board chair for Lombard US/BDA.

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As a part of a company rebranding, Lombard US/BDA’s identify might be modified.

BroadRiver co-founder and co-CEO Andrew Plevin stated: “This transaction is an impressive alternative for BroadRiver and its buyers and an extra step in BroadRiver’s strategic enlargement into the insurance coverage sector.”

Farrell added: “Lombard US/BDA has lengthy been the go-to resolution within the speciality life and annuity enterprise. I’m excited to be working carefully with its government crew and with BroadRiver to additional develop the corporate’s product strains, distribution and consumer companies.”

The deal, which was introduced in August 2022, types a part of Lombard Worldwide Group’s efforts to deal with its enterprise in Europe.

Lombard Worldwide Group supplies insurance-based wealth, property and succession planning options with a deal with prosperous and ultra-high internet price people, households, and establishments.

Lombard Worldwide Group CEO Stuart Parkinson stated: “This is a crucial step for Lombard Worldwide Group as we prioritise our focus and ongoing funding in our core companies in Europe.”

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