Athora sells off Irish bond portfolio
Bermuda-based Athora Holding has sold the entirety of the offshore bond portfolio of its wholly owned subsidiary, Aegon Ireland to Utmost Ireland, a wholly owned, Dublin-based subsidiary of Life Company Consolidation Group.
The offshore bond portfolio represents approximately €3 billion of assets under management for approximately 7,000 UK-based customers. The offshore bond product allows customers to invest in a variety of underlying funds in a tax-efficient manner. The sale is expected to close in the final quarter of 2018, subject to regulatory approvals. The terms of the sale were not disclosed by Athora.
“We are pleased to have a strong purchaser in Utmost Ireland for our offshore bond portfolio and we will be working together to ensure a smooth transition for policyholders,” said Michele Bareggi, group managing partner of Athora. “Utmost Ireland and LCCG have built a formidable franchise serving customers in the UK and we believe our offshore bond customers will be well served by this specialist.”
According to the company the sale of the UK offshore bond portfolio does not affect Aegon Ireland’s portfolio of variable annuity products. Athora will continue to guarantee and reinsure these variable annuity products to some 14,000 existing customers in France, Germany, The Netherlands and the UK on a closed-book basis.
The company completed the acquisition of Aegon Ireland on 3rd April 2018 and said that it will rename its Irish subsidiary by the end of the third quarter of 2018.
