Axcelus Financial, the Philadelphia-headquartered international provider of private placement life insurance and annuities with an office in Bermuda, has announced that it has achieved record assets under administration of $14 billion following its rebrand in January.

The company was formerly known as Lombard International US & Bermuda.

The new name and full rebrand followed last November’s acquisition of the company by an affiliate of BroadRiver Asset Management LP, a specialised asset management firm focused on uncorrelated and insurance-related investments.

Michael Farrell, chief executive officer, said: “Strong investor interest in alternative assets, driven by the current macro environment, has played a significant role in Axcelus’s asset growth this year.

“We are continuing to focus on developing innovative, customised solutions to help high-net-worth and institutional clients grow and preserve their assets.”

John Fischer, head of distribution, said: “We are pleased to see our solutions gaining increasing levels of traction with an expanded group of distribution partners as we continue to adapt our offerings to address clients’ evolving wealth planning and investment objectives.

“We are especially excited to further scale our programmes with larger wire houses and banks to meet this demand.”

Axcelus also has a new chief information officer and head of Client Experience, Satish Bhat, formerly technology and architecture lead for HSBC's Global Wealth and Private Bank group.

Axcelus employs more than 100 people at offices in Philadelphia, New York, Miami, and Bermuda.