Acquisition of Generali Worldwide a milestone

Now officially Utmost Worldwide, the business specialises in offering life assurance-based wealth management and employee benefit solutions to a global audience. This includes multinational organisations, international expatriates and local resident populations in licensed territories.

It has £4.5bn in assets under administration and more than 70,000 plan holders. The business employs just over 180 people in Guernsey and when the sale was announced last year, the emphasis was that the deal was being signed with a view on growth.

‘Our business is an ideal fit with the growing Utmost group of companies and our international branch network and distribution complements the group’s existing strong position in key European markets,’ said Giorgio Daboni, chief executive, Utmost Worldwide.

‘Our combined experience and expertise will enable us to continue the expansion of the Utmost Wealth and Corporate Solutions businesses and further strengthen its global footprint.’

Utmost Worldwide will adopt the already established Utmost Wealth Solutions brand for its wealth management business and Utmost Corporate Solutions for its employee benefits business.

Paul Thompson, group chief executive of the Utmost group of companies, welcomed customers, staff and distribution partners to business.

‘Acquiring Generali Worldwide is another important milestone in Utmost’s ambition to develop a specialist international life assurance footprint,’ he said.

‘A growing number of high net worth individuals and mobile expatriate employees are becoming more international in their outlook and behaviour.

‘The acquisition of Generali Worldwide extends Utmost’s global footprint and our ability to leverage our combined resources to support advisers and deliver high quality international life assurance solutions that add true value to our clients.’

The Utmost Group of Companies now has more than £33bn in assets under administration and more than 240,000 customers.