Isle of Man-based IFGL has announced the acquisition of Dublin-based life insurance provider Octium Group, expanding the company’s presence in Europe. The transaction is subject to regulatory approvals and is expected to complete later this year.
Octium, formerly UBS International Life DAC, serves affluent, high-net-worth and ultra-high-net-worth clients and holds a licence with the Central Bank of Ireland licence, enabling distribution throughout the EU/EEA.
The acquisition adds roughly €8.5bn (£7.34bn) of assets under management to IFGL and provides the group with a strengthened regulatory platform in a region central to its long-term growth plans. Operations at Octium will continue under the leadership of the business’s current CEO, Dara Hurley.
IFGL’s CEO Rob Allen (pictured) told International Adviser: “A regulated presence in Europe has been the holy grail for this group for 10 years, and because we’re really disciplined how we think about acquisitions, we’ve looked at more than 10 opportunities in that period and never quite found one that met our criteria.
“So, we’re so delighted to find a business of the quality of Optium and be able to secure it.
“Last June/July, we decided our objectives for the next strategic cycle were securing a regulated presence in Europe, and building a proposition for ultra high net worths – we now have a specialist proposition coming to us with Optium.
“But the other really exciting thing about this acquisition is Ireland. It differentiates us from all the other life groups having Ireland, and Ardan [wealth management platform, part of IFGL] having a life group with it differentiates it from all the other platforms – we’re in this lovely unique sweet spot.”
He said that the company wants a regulated presence in the EU for Ardan, and having a base in Dublin will make that much easier to achieve.
It is understood the acquisition could also open up more opportunities in the UK.
Dara Hurley, Octium CEO, added: “This transaction represents a strong endorsement of the platform we have built and the strategic direction we are pursuing. Becoming part of IFGL provides Octium with enhanced scale, capital strength and international reach, creating a powerful foundation for our next phase of growth.
“IFGL’s global presence, product breadth and experience in building international platforms will enable us to accelerate expansion, broaden our offering and access new markets, while continuing to deliver high-quality, compliant solutions to our clients.”
