Lombard selling Bermuda assets
Lombard International Group announced today that it has entered into a definitive agreement to sell its US and Bermuda business to BroadRiver Asset Management and its affiliated entities.
Lombard International is a market leader in insurance-based wealth, estate and succession planning solutions for upper affluent, high net worth and ultra-high net worth individuals, families and institutions.
New York-based BroadRiver, founded in 2009, is an alternative fixed-income firm specialising in the management of uncorrelated investments characterised by attractive yield, high credit quality, low volatility and self-amortisation.
Lombard said there will be no impact on clients’ policies as a result of this announcement.
The transaction is subject to customary closing conditions, including regulatory approvals and is expected to complete by mid-2023.
Lombard said it will remain focused on growing its strong businesses in Europe, including serving the wealth hubs of Asia and Latin America via its European carriers, continuing to provide comprehensive wealth planning solutions that offer flexibility, portability, asset diversification and protection.
Stuart Parkinson, group chief executive of Lombard International, said: “BroadRiver is taking stewardship of an excellent asset with great future potential.
“This new investment will enable the US and Bermuda business to leverage its strong track record and focus on growing the business further. I am confident BroadRiver will be an excellent owner of Lombard International US.
“In Europe, as the largest provider of insurance-based wealth, estate and succession planning solutions, our sights remain set on further growth and continued market expansion.
“We are a leading, internationally diverse company with experienced wealth-structuring specialists, subject matter and technical experts serving over 20-plus markets and speaking over 30 languages.
“At the forefront of sector innovation, driven by continued investments in digitalisation and connectivity with our partners, the business is well positioned to seize the market opportunities ahead.”