Luxembourg-based Nucleus Holdings and Brussels-headquartered Photonike Capital have expanded their joint venture (JV) agreement, which they entered in November 2019.
This will see the JV acquire life insurance company Tricap Assurance, incorporated in the Cayman Islands in 2007.
The firm operated in the B2B life insurance market and exclusively offers wrappers to high net worth individuals.
Financial details of the acquisition were not disclosed.
There is no connection between Nucleus Holdings and Edinburgh-based platform Nucleus.
Worldwide life target
The aim of the M&A deal is to put Tricap alongside Nucleus Life.
The JV had already received a €10m (£8.9m, $11.1m) investment from Photonike, which could potentially be converted into shares, according to the agreement.
The venture will focus on the top 10 life insurance markets in the world, “offering to mass affluent and upper mass affluent customers a suite of innovative unit linked products to meet the investment diversification needs arising from a context of low interest rates”, the two firms said.
Fausto Ventriglia, president and founder of Photonike Capital, said: “In Italy, the distribution remains confident in the future, and the agreement also provides that the distribution will be enforced with the implementation of DLT (Distributed Ledger Technology)/Crypted IT platform for remote subscription and long-term conservation of the contracts”.
Vincent Derudder, chief executive of Nucleus (Luxembourg) said that “the agreement allows strong industry product design and distribution synergies in the coverage of the insurance risk”.
Nucleus entered into a joint venture with Tricap in 2014.
