American private equity firm JC Flowers has agreed to sell OneLife to French social protection group APICIL Group. Terms of the transaction were not divulged.
OneLife is a Luxembourg-based life insurance company with more than €5.2bn in assets under management.
APICIL is engaged in health and life insurance, pensions, savings products, and related financial services.
APICIL said that the activities of OneLife are entirely complementary to those of APICIL Life Luxembourg, its subsidiary in Luxembourg.
Commenting on the deal, 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 CEO Philippe Barret commented: “The expertise of the teams and the quality of the capabilities of OneLife are a perfect complement to the value chain which we already possess in Luxembourg with APICIL Life Luxembourg and will enable us to further accelerate our growth in the market.”