Following the acquisition, which is still subject to regulatory and competition authority approvals, Generali PanEurope (GPE) will brand as Utmost PanEurope.
The sale is expected to complete in the first half of 2018. It consists of an initial consideration of €230m, plus a potential deferred consideration of up to €10m to be paid 12 months after closing.
The deal will see GPE’s wealth protection, investment planning and employee benefits business combined with Utmost’s existing international savings, protection and investment solutions offering. LCCG acquired Utmost from Axa in April 2016.
The combined businesses will serve individual and corporate clients in the UK, Europe and Asia from Ireland and the Isle of Man. It will have more than €24bn (£21.2bn, $28.2bn) of client assets, the company said.
An enhanced distribution network with serve high and ultra-high net worth, affluent and retail wealth management clients through IFAs, multi-tied agents, private banks, asset managers and family offices.
Complementary businesses
Paul Thompson, group chief executive of LCCG, said: “We are very pleased to have reached an agreement to acquire Generali PanEurope. It is a highly complementary business to our existing Utmost Wealth Solutions business and demonstrates our commitment to the international life market.
“The combined business will be a formidable force in the European market for specialist cross border wealth management solutions. It also broadens our product offering in Ireland and across Europe to include employment benefits.”
In a statement, Generali Group confirmed that it had entered into the share purchase agreement to “optimise its geographical footprint, increase its operational efficiency and improve capital allocation”.
GPE chief executive Paul Gillett added: “We are proud of our performance over the last 20 years and have grown into one of the largest international companies in Ireland, with assets under management of over €10bn.
“The sale of the business to LCCG marks a very important step in our future development. Together, we represent one of the leading European providers of cross border wealth and corporate risk solutions with the potential to grow further across both current and new markets.”
