Lombard International Group has completed the sale of its US and Bermuda businesses (Lombard US/BDA) to BroadRiver Asset Management.
The companies did not disclose the financial terms of the transaction.
With assets worth $12bn under administration as of June 2023, Lombard US/BDA offers private placement life insurance and annuities solutions to individuals and organisations.
The US and Bermuda businesses comprise several companies including Lombard International Life Assurance Company (Bermuda), Lombard International Life Assurance Company (Pennsylvania), Lombard International Life Assurance Company of New York, and Lombard International Global Insurance (Bermuda).
Michael Farrell, the former chairman, president and CEO of MetLife Insurance Company of Connecticut, was named Lombard US/BDA’s CEO after the acquisition.
Tom Considine, a former New Jersey Commissioner of Banking & Insurance and CEO of the National Conference of Insurance Legislators, was chosen to serve as the board chair for Lombard US/BDA.
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As part of a corporate rebranding, Lombard US/BDA’s name will be changed.
BroadRiver co-founder and co-CEO Andrew Plevin said: “This transaction is an outstanding opportunity for BroadRiver and its investors and an additional step in BroadRiver’s strategic expansion into the insurance sector.”
Farrell added: “Lombard US/BDA has long been the go-to solution in the speciality life and annuity business. I am excited to be working closely with its executive team and with BroadRiver to further expand the company’s product lines, distribution and client services.”
The deal, which was announced in August 2022, forms part of Lombard International Group’s efforts to focus on its business in Europe.
Lombard International Group provides insurance-based wealth, estate and succession planning solutions with a focus on affluent and ultra-high net worth individuals, families, and institutions.
Lombard International Group CEO Stuart Parkinson said: “This is an important step for Lombard International Group as we prioritise our focus and ongoing investment in our core businesses in Europe.”