Appleby has acted as Isle of Man counsel to Quilter plc on the sale of its international life insurance business to Utmost.
Quilter has confirmed the sale of Quilter International to Utmost Group plc for £483 million.
A deal with Life and Pensions provider Utmost was signed on 31 March 2021 following a bid process. The deal completed on 30 November 2021 following regulatory notifications and approvals and sees Utmost acquire £22bn of assets under administration and 90,000 life policies.
Quilter intends to retain £90 million of these proceeds to fund its simplification plans and to undertake selected investment to support longer-term revenue generating initiatives.
Quilter plc (LON:QLT) formerly known as Old Mutual Wealth Management Limited, is a British multinational wealth management company.
Utmost Group is a specialist life assurance group.
The Appleby team comprised experienced insurance and M&A specialists Partner Juan Thornley (Picture) and Senior Associate Katherine Garrood, who advised on all Isle of Man legal and regulatory matters.
Law Firms: Appleby;
Clients: Quilter plc;