PHILADELPHIA, PA--(Marketwired - July 01, 2015) - The parent company of Lombard International Assurance has completed the acquisition of Philadelphia Financial's life insurance companies with all regulatory approvals received. With life insurance companies based in Luxembourg, the United States, Bermuda and Guernsey, the combined organization is the leading global provider of insurance-based solutions for the high and ultra-high net worth market.
Commenting on the closure of the deal, John Hillman, CEO of Philadelphia Financial and Chairman of Lombard International Assurance, said, "We look forward to leveraging Philadelphia Financial's leadership position in the United States in the coming months to refine a robust global proposition. We will present our partners and their clients with an unequalled portfolio of solutions and truly global expertise. This capability is unmatched in the high and ultra-high net worth market and will allow us to uniquely address the complexity associated with the globalization of family wealth."
Echoing these remarks, Claude Marx, CEO of Lombard International Assurance, said, "This acquisition will extend globally our position as the market leader in unit-linked life assurance solutions. This significant investment will allow us to further enhance our value proposition which combines insurance and innovative solutions offering clients around the world the opportunity to grow their wealth."
ABOUT PHILADELPHIA FINANCIAL
Philadelphia Financial, headquartered in Philadelphia, Pennsylvania, is a global specialty insurer and administration company. The firm provides insurance solutions to advisors of high net worth individuals and institutions and is a leader in strategic insurance. Philadelphia Financial has significant experience in the complex regulatory issues applicable to this unique product class for high net worth and institutional investors. For more information about Philadelphia Financial, please visit www.philadelphiafinancial.com.
ABOUT LOMBARD INTERNATIONAL ASSURANCE
Lombard International Assurance refers to Lombard International Assurance S.A. (established in Luxembourg), Lombard Intermediation Services S.A. (Luxembourg) and Lombard International PCC Limited (Guernsey).
Lombard International Assurance is Luxembourg's leading life assurance company with sales capabilities spread across 15 markets and total assets under administration of over EUR29 billion.
Lombard International Assurance is a global provider of unit-linked life assurance, offering wealth planning solutions to high and ultra-high net worth individuals and their families. Lombard International Assurance pioneered the use of life assurance solutions as a sophisticated financial planning tool incorporating the invaluable benefit of Luxembourg's solid insurance policyholder protection regime.
Lombard International Assurance does not market directly to its end clients but collaborates with a strong international distribution network of private banks, wealth managers and independent financial advisers. For more information on Lombard International Assurance, please visit www.lombard.lu.