Lombard International sells US, Bermuda businesses
Lombard International Group has completed the sale of its US and Bermuda businesses to BroadRiver Asset Management and its affiliated entities.
After completion of the sale, the company said, the US and Bermuda businesses are no longer part of the retained Lombard International Group.
It said the transferred companies may continue to use Lombard International brand names and trademarks specific to those regions for a transitional period.
Stuart Parkinson, group chief executive of Lombard International Group, said: “This is an important step for Lombard International Group as we prioritise our focus and ongoing investment in our core businesses in Europe.
“I would like to take this opportunity to wish BroadRiver Asset Management and the Lombard International US & Bermuda teams every success for the future.”
The affected Bermudian-based companies are Lombard International Life Assurance Company (Bermuda) Ltd, Lombard International Bermuda Holdings Ltd, Lombard International Life Ltd (Bermuda) and Lombard International Global Insurance Ltd.
Andrew Plevin, cofounder and co-CEO of BroadRiver, said: “This transaction is an outstanding opportunity for BroadRiver and its investors and an additional step in BroadRiver’s strategic expansion into the insurance sector.
“We look forward to supporting the sustained development of Lombard US/BDA’s position in specialty life insurance and variable annuity products.”
Following the acquisition, Michael Farrell, previously chairman, president and CEO of MetLife Insurance Company of Connecticut, was appointed chief executive of Lombard US/BDA.
Tom Considine, CEO of the National Conference of Insurance Legislators and former New Jersey commissioner of banking and insurance, was elected chairman of Lombard US/BDA’s board.
Charles Nachman will continue as president of the US business and Jennifer Titterton will be named president of the Bermuda business, BroadRiver said.
The company said Lombard US/BDA will in future be renamed as part of a corporate rebranding.