Utmost Group announces the proposed acquisition of Quilter International from Quilter plc for £483m

Utmost 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 a leading global provider of international life assurance

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.”

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