Oneglobal Broking, the JC Flowers and Co majority-owned London-based international retail and wholesale insurance broker, has acquired Life and Annuity Services Ltd.

Highlighting the move as a major milestone in its strategic growth and diversification efforts, Oneglobal said the transaction’s completion is subject to regulatory approval.

The statement out of London said the acquisition enhances Oneglobal’s capabilities in delivering comprehensive risk solutions across both corporate and individual markets.

By integrating Life and Annuity Services into its portfolio, Oneglobal is positioned to offer clients a broader spectrum of financial protection tailored to evolving global needs.

Headquartered in Bermuda, Life and Annuity Services will continue to trade under its existing name although it will be fully owned and integrated into Oneglobal.

Roger Spicer, group chief executive of Oneglobal, commented: “We are excited to welcome Scott Barnett and his team to Oneglobal, in a move that reflects our commitment to bring a holistic offering to our clients.

“Scott and his team provide us with capabilities in life insurance, annuity planning and international broking, while maintaining the high standards of professionalism and personalised service that our joint clients have come to expect.

Mr Barnett, the CEO of Life and Annuity Services, said: “My team and I are thrilled to join Oneglobal and to bring our deep expertise in life insurance and annuity planning for high-net-worth and ultra-high-net-worth clients to the table. This partnership marks an exciting opportunity to expand our offerings and provide even more comprehensive solutions to our clients.

“At Life and Annuity Services, we’ve built our reputation on delivering personalised life insurance strategies that meet the evolving needs of clients across diverse markets. We look forward to leveraging our experience in international life insurance broking to further enhance the exceptional service and standards Oneglobal clients have come to expect.

“By combining our strengths, I’m confident that we will set new benchmarks in the industry and offer unparalleled value in life insurance solutions, and we look forward to the journey ahead.”