Utmost Group has completed its acquisition of Quilter International which will become a part of Utmost International, the international life assurance business of the group.
The acquisition adds approximately £24bn of assets under administration and 90,000 policies to the group.
Utmost initially announced the deal in April 2021 and today’s confirmation follows the achievement of the necessary regulatory approvals on 12 November.
The total amount payable to Quilter is £481m, reflecting interest at 5% per annum on the base consideration of £460m from 31 December 2020 to the date of completion. Utmost stated that the acquisition is in line with the group’s strategy to grow its business both organically and through acquisition, to enhance its proposition for its partners and clients
Commenting on the completion of the deal, Utmost Group CEO, Paul Thompson, 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.”
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