friends life to receive offers to buy lombard

Friends Life is getting closer to selling its Luxembourg-based Lombard International Assurance business, with an imminent offer on the cards.

friends life to receive offers to buy lombard

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Private equity group Blackstone and US insurer Philadelphia Financial are set to make a joint offer for high net worth tax planning specialist Lombard, according to Sky News.

Philadelphia Financial targets high net-worth families through a network of intermediaries, and it views Lombard as an attractive opportunity to expand that area of its business, Sky News said.

Permira, another private equity group, is also expected to lodge a bid, Sky News added.

Friends Life has been in talks to sell the division for more than six months and is understood to have set a deadline in June for offers from interested parties.

Analysts say the Lombard operation, which is being auctioned by Barclays, could be sold for £400m.

Lombard is regarded as non-core to Friends Life’s business strategy.

A spokesperson for Lombard International Assurance would not confirm anything about the sale other than the process was “ongoing”.

See International Adviser's life trends profile on Friends Life International for more details of the company's strategy.
 

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