GPE is a life insurance company located in Ireland that provides wealth management, savings, investment and employee benefits solutions to individual and corporate clients across Europe.
The acquisition of GPE by LCCG is expected to be complete during the first half of 2018 as the deal awaits the approval of regulators and competition authorities, stated LCCG.
As a result of the deal, GPE will be renamed Utmost PanEurope and adopt the Utmost Wealth Solutions branding. It will be combined with Utmost’s existing international savings, protection and investment solutions offering.
Utmost Wealth Solutions - previously known as AXA Isle of Man before it was acquired by Life Company Consolidation Group - provides international savings, protection and investment solutions into the UK and Asia from Ireland and the Isle of Man, with total policy holders assets of £11bn.
Paul Thompson, group chief executive of LCCG, said: “We are very pleased to have reached an agreement to acquire Generali PanEurope. It is a highly complementary business to our existing Utmost Wealth Solutions business and demonstrates our commitment to the international life market.
“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.”
Paul Gillett, chief executive of GPE added: “We are proud of our performance in Ireland over the last 20 years and have grown into one of the largest international companies in Ireland with assets under management of over €10n.
Mr Gillett added: “The sale of the business to LCCG marks a very important step in our future development. Together, we represent one of the leading European providers of cross border wealth and corporate risk solutions with the potential to grow further across both current and new markets.”
LCCG is a specialist life assurance group which focuses on the international life market and on the management of in force policies. It has acquired eight businesses in Ireland and the Isle of Man.