PHILADELPHIA, September 5, 2018 /PRNewswire/ --
Lombard International, a global leader in wealth structuring solutions for high net worth individuals and institutions, today announced that its Mexican joint venture business, Akaan Lombard International (the Company), has entered into an agreement to acquire Principal Seguros, SA of C.V.'s Life Insurance business. The acquisition is subject to regulatory approval and is expected to close later this year.
This acquisition will enable Akaan Lombard International to accelerate its growth plans for Mexico and Latin America, serving the needs of high net worth individuals, their families and institutions across the region. The Company will gain approximately 8,000 Mexican clients. These clients will benefit from Akaan Lombard International's long term commitment and local presence in the Mexican market including high quality policy reporting and excellent client service.
John Hillman, Group Chief Executive Officer of Lombard International, said: "These are exciting times for us. This acquisition demonstrates our commitment to our Mexican and Latin American partners and clients, while supporting our global growth ambitions through both organic and inorganic opportunities. With a footprint in Asia, Europe, the US and Latin America, we are building a unique global business in our sector, being able to serve our clients successfully on a global scale, leveraging our in-house expertise and unparalleled partnership network."
Ken Kilbane, Executive Vice President, Head of Global Distribution at Lombard International added, "We are delighted to have such a strong partnership with Akaan, a firm with great expertise, along with a strong track record and reputation in Mexico. Our joint venture provides us with local presence in a growth market, allowing us to deliver innovative solutions to best serve the needs of high net worth individuals."
Akaan's Chairman and founder, Fernando Quiroz concluded, "This acquisition represents an important step for Akaan Lombard International. Following the launch of our joint venture with Lombard International, we are pleased with the good work and progress achieved together. We look forward to the future as we bring world class wealth planning solutions to the Mexican market."
About Lombard International
Lombard International is a leading life insurance-based wealth solutions provider with over 25 years' experience. We have the strength and expertise to provide wealth structuring solutions using unit-linked life insurance to ultra-high net worth individuals, their families and institutions around the globe.
The global group, Lombard International, launched to market in September 2015. With head offices in Luxembourg and Philadelphia, and serving over 20 markets across the United States, Europe, Asia and Latin America, we are able to provide multi-jurisdictional wealth planning solutions on a global basis with a deep understanding of local cultures and attitudes.
Global assets under administration are in excess of €41.2bn as of 31 December 2017. Our global team of approximately 600 includes more than 60 technical experts specializing in multiple jurisdictions.
Funds managed by Blackstone own Lombard International. Blackstone Group L.P. is one of the world's leading investment firms with $434 billion in assets under management as at 31 December 2017.
For further information about Lombard International visit: http://www.lombardinternational.com
Akaan is a Mexico-based wealth management firm that provides best in class financial and wealth management solutions to Mexican individuals, families and institutions.
Akaan integrates several financial subsidiaries related to wealth management and has one of the most experienced and professional banking teams in Latin America.
Akaan was the first asset management firm to implement Aladdin®, an industry leading portfolio management system, in Mexico and has one of the best technological platforms for wealth management solutions in Mexico. Its product offering includes alternative investments, actively as well as passively managed funds and investment strategies.
Akaan has a presence in Mexico City, Guadalajara, Monterrey and Mérida.
SOURCE Lombard International Assurance