Lombard International’s joint venture Akaan Lombard International, is to acquire Principal Seguros, SA of C.V.’s Life Insurance business, gaining approximately 8,000 Mexican clients.
The acquisition is subject to regulatory approval and is expected to close later this year.
John Hillman, group chief executive of Lombard International, said: “These are exciting times for us. This acquisition demonstrates our commitment to our Mexican and Latin American partners and clients, while supporting our global growth ambitions through both organic and inorganic opportunities.
“With a footprint in Asia, Europe, the US and Latin America, we are building a unique global business in our sector, being able to serve our clients successfully on a global scale, leveraging our in-house expertise and unparalleled partnership network.”
Akaan’s chairman and founder, Fernando Quiroz concluded: “This acquisition represents an important step for Akaan Lombard International.
“Following the launch of our joint venture with Lombard International, we are pleased with the good work and progress achieved together. We look forward to the future as we bring world class wealth planning solutions to the Mexican market.”
Lombard International provides wealth structuring solutions for high net worth individuals and institutions.
Financial considerations have not been revealed.
