IFGL to acquire wealth book of business from IOMA
International Financial Group Limited (IFGL) has announced it has entered into an agreement with Isle of Man Assurance Limited (IOMA) to transfer IOMA’s wealth book of business to IFGL. The transfer is subject to regulatory approval.
The IOMA wealth book consists of just over 2,000 policies with an AUM of circa £500m.
The deal, which will provide additional size and scale to IFGL, solely covers IOMA’s wealth book of business and does not include the acquisition of the company or the transfer of any staff to IFGL.
IFGL Insurance Business Managing Director Mike Crellin said: “This acquisition is part of IFGL’s longstanding strategy of growth through acquisition, as well as organically. The deal is an opportunity for us to provide existing IOMA wealth customers with the high standards of service for which IFGL is internationally recognised.
“We expect to receive the necessary approvals to complete this deal later in 2024.”
IFGL owns RL360, Friends Provident International Limited and Ardan International. It provides investment, savings and protection solutions to international investors around the world, with 216,000 customers, USD23 billion assets under administration and employs 570 staff (as at 31 December 2022).