LONDON: ReAssure Group, a leading UK closed book life insurance consolidator, has agreed to acquire the UK Heritage business of Quilter plc for a total consideration of £425 million.

ReAssure is a leading closed book life insurance consolidator in the UK.  With £69 billion of assets under administration, it is the sixth largest life insurance group in the UK.

The group focuses exclusively on the acquisition and management of closed book life insurance policies, with a mission to secure and improve customer outcomes for its 4.3 million policyholders.

Mark Hodges, Chief Executive Officer of ReAssure, commented: “I am delighted to announce our latest acquisition.  We have a long history of value creating transactions and today’s announcement is further evidence of our ability to grow our business.

We provide an attractive solution to vendors who value our expertise, execution capability and that we have a strong track record in customer service.

Today’s acquisition is a win for all stakeholders.  Customers will migrate onto our ALPHA platform and receive excellent service, Quilter have execution certainty and our shareholders will benefit from substantial synergies and attractive returns.

This transaction further confirms that our business is well positioned to benefit from the significant and structurally growing market opportunity in closed books. Our deal pipeline is attractive and we will continue to focus on our growth strategy”.

Edited by Kiran Khan