Life company was put under strategic review late last year
Two Isle of Man life companies look set to merge, following an announcement that Utmost Group has entered into an agreement to acquire Quilter International.
The deal is subject to regulatory approval and will see Quilter receive roughly £483m ($664.9m, €566.9m) in cash assuming completion on 31 December 2021.
The plan is to fold Quilter International into Utmost international, to which it will add £22bn of assets under administration and 90,000 life policies.
In addition to its Isle of Man base, Quilter International has offices in Hong Kong, Singapore and Dubai.
Highly complementary businesses