Two Isle of Man life companies look set to merge, following an announcement that Utmost Group has entered into an agreement to acquire Quilter International.
The deal is subject to regulatory approval and will see Quilter receive roughly £483m ($664.9m, €566.9m) in cash assuming completion on 31 December 2021.
The plan is to fold Quilter International into Utmost international, to which it will add £22bn of assets under administration and 90,000 life policies.
Quilter announced on 11 December 2020 that it’s international life business was under strategic review – but that a sale was by no means certain.
Read the full article at International Adviser here.