French social protection group APICIL Group has concluded the acquisition of Luxembourg-based insurance firm OneLife from American private equity firm JC Flowers.

OneLife has more than €5.2bn in assets under management. The company focuses on wealth and asset management services to ultra-high-net-worth clients.

APICIL stated that the activities of OneLife are fully complementary to those of APICIL Life Luxembourg, its subsidiary in Luxembourg.

The agreement was first announced in August last year.

While announcing the agreement, JC Flowers managing director and executive chairman of OneLife Thierry Porté commented: “We have worked over many years to develop the capabilities of OneLife in its core activity of cross-border wealth management solutions and to establish and strengthen the OneLife brand.

“We see the transaction as a confirmation of OneLife’s franchise and the quality of its people and believe that APICIL will enable OneLife to add greater value to clients and partners in the years to come.”

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OneLife CEO Antonio Corpas stated: “APICIL’s financial strength, leadership position in France, and commitment to Luxembourg are all positive factors in the continuing cooperation of our business as a key provider of global wealth solutions for an international clientele.

APICIL offers a range of health and life insurance, pensions, savings products, and related financial services.