Life Company Consolidation Group (LCCG), the parent of Utmost Wealth Solutions, has agreed to buy Generali PanEurope (GPE), with an aim to create a €24bn wealth manager.
The deal will bring together GPE’s wealth protection, investment planning and employee benefits business and Utmost’s existing international savings, protection and investment solutions business.
The merged entity will cater to individual and corporate clients in the UK, Europe and Asia through its operations in Ireland and Isle of Man.
Post deal completion, which is expected in the first half of 2018, GPE will be renamed as Utmost PanEurope and adopt the Utmost Wealth Solutions branding. The Utmost Wealth Solutions brand was revealed last year after LCCG acquired Axa’s Isle of Man operations.
Generali expects the transaction to boost the group regulatory solvency II ratio by around 0.4 percentage points, and offer a post-tax gain of around €56m.
LCCG group CEO Paul Thompson said: “The combined business will be a formidable force in the European market for specialist cross border wealth management solutions. It also broadens our product offering in Ireland and across Europe to include Employee Benefits.”
Generali called the deal part of its plan to enhance its operational efficiency and capital allocation.
Generali group CEO of global business lines & international Frederic de Courtois said: “After having agreed to sell our operations in a number of other markets, this transaction is a further step towards the strategy announced just over a year ago at our Investor Day presentation, a strategy we are well on target to complete.”