Quilter will become a part of Utmost International, the life assurance business of the group.
Furthermore, the deal adds £24bn of assets under administration (AuA) and 90,000 policies to Utmost. On a pro-forma basis, Utmost would have had approx. £62bn of AuA and close to 570,000 policies as of 30 September 2021, and Utmost International would have written £3.7bn of new business on a pro-forma basis in the nine months to 30 September 2021.
The consideration payable to Quilter is £481m.
Quilter’s footprint an distributions network across the UK, Europe, the Middle East, Asia, and Latin America, with branches in Singapore and Hing Kong, was crucial to the deal. It is also set to strengthen Utmost in these regions with strong continuing demand for wealth solutions from affluent and HNWIs.
Paul Thompson, CEO of Utmost Group, said: “I am delighted to confirm completion of the acquisition of Quilter International and would like to extend a warm welcome to our new colleagues, distribution partners and clients joining Utmost Group. The Acquisition marks a significant milestone in the Group’s strategic development and brings additional scale, skillsets and cashflows to the Group.
“The Acquisition cements Utmost Group’s position as a leading consolidator in the insurance
and savings market and gives the Group an enhanced platform to pursue further acquisitions.”
Ian Maidens, CFO of Utmost Group, added: “The Acquisition demonstrates the Group’s ability to complete value-add acquisitions which enhance customer outcomes and provide attractive returns to shareholders.
“The Group has been able to execute a sizeable, strategic transaction whilst retaining its strong balance sheet, robust capital position and conservative leverage ratios, giving us headroom for further acquisitions. The completion of the Acquisition, following the inaugural Tier 2 issuance in September, completes a seminal year for the Group.”