Utmost Group completes acquisition of Quilter International

Utmost Group plc has completed the acquisition of Quilter International from Quilter plc. This follows the initial announcement in April 2021 and the announcement of the achievement of the necessary regulatory approvals on 12 November 2021.

Quilter International will become a part of Utmost International, the international life assurance business of the Group. The Acquisition confirms Utmost International’s position as a leading global provider of international life assurance

The Acquisition adds approx. £24bn of assets under administration and 90,000 policies to the Group. On a pro-forma basis, the Group would have had approx. £62bn of AUA and approx. 570,000policies as at 30 September 2021, and Utmost International would have written £3.7bn of new business on a pro-forma basis in the nine months to 30 September 2021.

The total consideration payable to Quilter plc is £481m reflecting interest at 5% p.a. on the base consideration of £460m from 31 December 2020 to the date of completion.

The Acquisition is in line with the Group’s strategy to grow its business both organically and through acquisition and to enhance its proposition for its partners and clients.

Paul Thompson, CEO of Utmost Group plc said: “I am delighted to confirm completion of the acquisition of Quilter International and would like to extend a warm welcome to our new colleagues, distribution partners and clients joining Utmost Group. The Acquisition marks a significant milestone in the Group’s strategic development and brings additional scale, skillsets and cashflows to the Group.

“The Acquisition cements Utmost Group’s position as a leading consolidator in the insurance and savings market and gives the Group an enhanced platform to pursue further acquisitions.”

Ian Maidens, CFO of Utmost Group plc added: “The Acquisition demonstrates the Group’s ability to complete value-add acquisitions which enhance customer outcomes and provide attractive returns to shareholders.

“The Group has been able to execute a sizeable, strategic transaction whilst retaining its strong balance sheet, robust capital position and conservative leverage ratios, giving us headroom for further acquisitions. The completion of the acquisition, following the inaugural Tier 2 issuance in September, completes a seminal year for the Group.”

  Mike Foy has been appointed the CEO of the expanded Utmost International Isle of Man operations, subject to regulatory approval. Mike has beenCEO of the Utmost International Isle of Man operations since the acquisition of the AXA Isle of Man business in 2016 and previously held various senior roles within AXA. Peter Kenny, CEO at Quilter International, has decided that he would like to pursue different opportunities at this time. The Group thanks Peter for his stewardship of Quilter International until this time and wishes him well for the future