Utmost Wealth Solutions is the name chosen after an intensive burst of research.
The consolidator has also agreed to acquire the Ireland-based international linked life business of Axa Life Europe.
The deal, which does not include the whole Axa Life Europe business, is expected to complete in early 2017. At that time, the Axa Life Europe business will be transferred to an existing Irish-incorporated insurance subsidiary of LCCG and be marketed under the Utmost Wealth Solutions brand.
Until the acquisition is closed, new business will continue to be written by Axa Life Europe under the Axa brand, and will be transferred to the LCCG group on completion of the acquisition.
The purchase and rebrand of Axa Isle of Man was a departure for LCCG, which previously only bought closed books.
Departure from closed book strategy
Speaking exclusively to International Adviser, Utmost Wealth Solution’s head of proposition Simon Willoughby said: “Typically, companies are taken over by a direct competitor, with one company absorbed into the other. We have been taken over by a company that previously focused on consolidating closed books of business.
“The purchase of us has been quite a departure from that strategy, as LCCG is now planning to acquire open, as well as closed, books of business.”
Utmost Wealth Solutions will have a presence on the Isle of Man and in Dublin, Willoughby said. “LCCG has its main office in Dublin managing closed books, but the demands and requirements of having an open book of business are quite different. So having our own presence makes sense.”
