Apicil, the fourth largest social protection group in France, will buy Luxembourg-based insurer OneLife for an undisclosed sum.
The agreement between Apicil Group and JC Flowers & Co, the US private investment company that owns OneLife, is subject to regulatory approval.
Europe-wide expansion
OneLife offers cross-border financial planning, asset management and wealth management services to ultra-high net worth, high net worth and high affluent clients across Europe and beyond.
In addition to Luxembourg, it has operations in Belgium, Denmark, Finland, France, Portugal, Spain, Sweden, the UK and Latin America.
OneLife has more than €5.2bn ($6bn, £4.6bn) in assets under management.
Apicil is engaged in health and life insurance, pensions, savings products, and related financial services.
The French firm said OneLife represents an attractive opportunity through its expertise in cross-border wealth planning solutions using life insurance, which “are entirely complementary” to those of Apicil’s Luxembourg subsidiary, Apicil Life Luxembourg.
Quality confirmation
Thierry Porté, managing director of J.C. Flowers and executive chairman of OneLife commented: “We have worked over many years to develop the capabilities of OneLife in its core activity of cross-border wealth management solutions and to establish and strengthen the OneLife brand.
“We see the transaction as a confirmation of OneLife’s franchise and the quality of its people and believe that Apicil will enable OneLife to add greater value to clients and partners in the years to come.”
Antonio Corpas, chief executive of OneLife, stated: “Apicil’s financial strength, leadership position in France, and commitment to Luxembourg are all positive factors in the continuing cooperation of our business as a key provider of global wealth solutions for an international clientele.”
Philippe Barret, chief executive of Apicil, commented: “The expertise of the teams and the quality of the capabilities of OneLife are a perfect complement to the value chain which we already possess in Luxembourg with Apicil Life Luxembourg and will enable us to further accelerate our growth in the market.”
