Goldman Sachs has been appointed to oversee the deal with a number of reportedly interested parties, including the former Axa Isle of Man business sold by the Axa Group and subsequently rebranded Utmost Wealth Solutions, a source told IA.
FPI’s owner Aviva could get up to $750m (£597m, €690m) from the deal, according to a separate report in the Wall Street Journal, citing people familiar with the matter.
Aviva has reportedly received a number of pre-emptive offers for the unit, the paper said, however, a formal bidding process is yet to start.
Chinese conglomerates Fosun Group and HNA Group are reportedly among those evaluating the unit, the report noted.
In September 2015, FPI closed its UK offshore bond market operation to new business, as part of a restructuring at its Isle of Man headquarters. The withdrawal included Jersey and Guernsey.
The following month, the company further announced that it was abandoning all of its global operations, excluding Hong Kong, Singapore, Dubai, and the ‘permitted jurisdictions’ of South Africa and Qatar.
Utmost Wealth’s new owners have said that they are looking for further acquisitions to add to the Isle of Man-based operation.
