Consolidation of the life insurance sector has been ongoing for some time and it has raised concerns that there will soon be too few players, which could be bad news for customers.
The parent company of Utmost Wealth Solutions has been one of the most active M&A players of late; having, among other deals, acquired Generali PanEurope in 2018 and Generali Worldwide in March 2019.
Speaking at International Adviser’s Fund Links Forum on 17 October; Mike Foy, chief executive of Utmost Wealth, gave his candid view of the market.
Irish trio
His comments came just two weeks before the group confirmed it had completed the merger of three Irish life insurance companies, showing that the pace of change in the industry shows little sign of abating.
The move saw Utmost Ireland and Harcourt Life Ireland merged into Utmost PanEurope via a portfolio transfer shcme.
The de-authorisation of Utmost Ireland and Harcourt Life is expected in the near future, and will result in the dissolution of these entities, the company said.
“These simplification steps will result in more efficient governance and deliver capital benefits, resulting in a single Irish life company with an accompanying reduction in the required controlled functions and a more straightforward interaction with the regulator,” Utmost Group said.
