Last week, Quilter PLC announced that it had reached an agreement to sell its Isle of Man based international division (Quilter International) to Utmost Group.
Quilter International will become a part of Utmost International, their international life assurance and investment business.
The price tag is £483 million.
The transaction is subject to approval by Quilter’s shareholders, and from UK and overseas regulators. It is expected to complete by the end of 2021 or early 2022.
Why are Quilter PLC selling their international division?
Simply, they want to focus their attention on their UK wealth management division, which is their core business.
Who are Utmost Group?
Utmost Group is a specialist life assurance group established to be a leading consolidator for the UK and international life insurance markets.
With the Quilter International transaction, they will have £58 billion of assets under administration and 600K customers.
The core divisions of the Group are Utmost International who serve the international market and Utmost Life and Pensions (previously branded Reliance Life) who serve the UK market.
Utmost is backed by Oaktree Capital Management. Oaktree is an American global asset management firm specializing in alternative investment strategies.
As of December 31, 2020, the company managed $148 billion for its clientele which includes 73 of the 100 largest U.S. pension plans, as well as public funds, foundations, corporate and insurance companies, endowments, and sovereign wealth funds.
What does it mean for my existing Quilter International policies?
I do not expect anything to change.
Utmost Group conducted a similar exercise a couple of years ago when they acquired Generali Pan-Europe and Generali International.
While the branding changed to Utmost, their terms and conditions in relation to existing plans stayed exactly the same. The same applies to the range of investment options available.
What should I do?
While nothing will change, this represents a worthwhile opportunity to review your Quilter International policies.
As I mentioned in a previous post, investment products are continually evolving and it is always worth reviewing them to a) make sure that they still meet your needs and b) see if there are newer better options now available.