Utmost to acquire investment platform provider Quilter International for £483m

Utmost Group Limited, a specialist life assurance group, has agreed to acquire Isle of Man-based investment platform provider Quilter International for around £483m in cash.

Quilter International provides cross-border investment solutions. The company, which is currently owned by Quilter plc, mainly caters to affluent and high net worth British residents looking to invest outside of the UK.

The wealth management company also serves British expatriates and global investors in certain offshore markets.

Its key markets are the UK, Europe, Asia, the Middle East, and Latin America. The diversified business presence and distribution network of Quilter International are expected to complement and bolster the existing position of Utmost International in the markets.

Utmost Group to acquire investment platform provider Quilter International for £483m. Photo courtesy of ds_30 from Pixabay.

Paul Feeney – CEO of Quilter said: “We are delighted to announce the proposed sale of Quilter International to the Utmost Group which represents an excellent outcome for all stakeholders.

“I would like to thank all our Quilter International colleagues for their dedication, professionalism and service to our customers, which has resulted in the creation of such a strong franchise.

“I am confident that the agreement we have reached with the Utmost Group will ensure the continued success of the business, with a focus on delivering good customer outcomes, as well as providing wider range of career opportunities for Quilter International’s employees within an enlarged international business.”

Following the acquisition, Quilter International will become a part of Utmost International, which is Utmost Group’s international life assurance business.

Through the deal, Utmost International adds £22 billion of assets under administration along with 90,000 policies.

Post-acquisition, Utmost International will expand its assets under administration to £52 billion, and policies to 220,000. The combined company would have written annualized premium equivalent (APE) of more than £330 million of new business in 2020.

Paul Thompson – CEO of Utmost Group said: “This is a highly attractive acquisition for Utmost Group and underscores the importance of our Utmost International business. Quilter International is highly complementary to our existing International business from both an operational, product and distribution perspective.

“The acquisition is in line with our growth strategy and positions us well to benefit from the fundamental growth trends in the international life assurance sector.

“The acquisition confirms Utmost Group’s position as a leading insurance consolidator with £58bn of assets under administration and 600K customers on a pro-forma basis and gives us an enhanced platform to pursue acquisitions.”

The deal, which is subject to regulatory approvals, is expected to be completed later this year.