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Utmost Group announces the proposed acquisition of Quilter International

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Acquisition Highlights

- Utmost Group Limited (“Utmost Group” or “the Group”) has entered into an agreement

to acquire Quilter International (the “Transaction”), subject to regulatory and other

approvals

- Under the terms of the Transaction, Quilter will receive approximately £483m in cash

assuming completion on 31 December 2021

- Quilter International will become a part of Utmost International, the international life

assurance business of Utmost Group

- The Transaction adds £22bn of assets under administration and 90,000 policies to

Utmost International. It confirms Utmost International’s position as one of the leading

global providers of international life assurance

- On a combined basis, Utmost International will have £52bn of assets under

administration, 220,000 policies and would have written over £330m APE of new

business in 2020, making it a leader in the industry

- The Transaction is in line with Utmost Group’s strategy to grow its Utmost International

business both organically and through acquisition and to enhance our proposition for

our partners and clients.

Commenting on the Transaction, Paul Thompson, CEO of Utmost Group said:

“This is a highly attractive acquisition for Utmost Group and underscores the importance of our

Utmost International business. Quilter International is highly complementary to our existing

International business from both an operational, product and distribution perspective.

The acquisition is in line with our growth strategy and positions us well to benefit from the

fundamental growth trends in the international life assurance sector.

The acquisition confirms Utmost Group’s position as a leading insurance consolidator with

£58bn of assets under administration and 600K customers on a pro-forma basis and gives us an

enhanced platform to pursue acquisitions.

I look forward to welcoming all the staff, customers and distribution partners to our Group. We

are delighted to work with Quilter on this transaction and look forward to a productive

partnership in the future.”

Commenting on the Transaction, Paul Feeney, CEO of Quilter said:

“We are delighted to announce the proposed sale of Quilter International to the Utmost Group

which represents an excellent outcome for all stakeholders.

I would like to thank all our Quilter International colleagues for their dedication, professionalism

and service to our customers, which has resulted in the creation of such a strong franchise.

I am confident that the agreement we have reached with the Utmost Group will ensure the

continued success of the business, with a focus on delivering good customer outcomes, as

well as providing wider range of career opportunities for Quilter International’s employees

within an enlarged international business."

 

 

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