BroadRiver completes buyout of Lombard units
BroadRiver Asset Management has completed the acquisition of the US and Bermuda businesses of Lombard International Group.
Terms of the acquisition were not disclosed.
Andrew Plevin, co-founder and co-CEO of BroadRiver, said: “This transaction is an outstanding opportunity for BroadRiver and its investors and an additional step in BroadRiver’s strategic expansion into the insurance sector. We look forward to supporting the sustained development of Lombard US/BDA’s position in specialty life insurance and variable annuity products.”
Following the acquisition, Michael Farrell, previously chairman, president and CEO of MetLife Insurance Company of Connecticut, was appointed chief executive officer of Lombard US/BDA and Tom Considine, CEO of The National Conference of Insurance Legislators and former New Jersey Commissioner of Banking & Insurance, was elected chair of Lombard US/BDA’s Board. Charles Nachman will continue as president of the US business and Jennifer Titterton will be named president of the Bermuda business.
“Lombard US/BDA has long been the go-to solution in the specialty life and annuity business,” said Farrell. “I am excited to be working closely with its executive team and with BroadRiver to further expand the company’s product lines, distribution, and client services.”
“I’m looking forward to my role as chair of the company’s Board,” Considine added. “Lombard US/BDA is an outstanding company, Mike Farrell will be an exceptional leader as CEO, and BroadRiver is the right sponsor to support the company’s continued excellence.”
Lombard US/BDA will be renamed as part of a corporate rebranding, details of which will be announced in the coming months.
Henley Cay Capital acted as consultants to BroadRiver.
Ratings agency AM Best had placed Lombard International’s financial strength of A- under review following the announcement of the purchase.
It said it has placed the company under review with developing implications following communications with BroadRiver regarding its intentions and capitalisation plans.
AM Best said it would remain under review until the transaction closed.
