An island firm has agreed a deal to acquire a Dublin-based unit-linked life insurance provider.
International Financial Group Limited (IFGL) has agreed to buy Octium Group.
IFGL say the transaction represents a significant milestone in its strategy to expand and enhance its presence across Europe.
Octium, formerly UBS International Life DAC, has €8.5 billion in assets under management.
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The business serves affluent, high‑net‑worth and ultra‑high‑net‑worth clients and holds a Central Bank of Ireland licence that enables distribution throughout the EU/EEA.
Operations will continue under the leadership of Octium Group’s current chief executive Dara Hurley.
IFGL cheif executive Rob Allen said: ‘This acquisition represents an important step in IFGL’s strategic growth across Europe.
‘Octium Group brings a high‑quality customer franchise, deep expertise in the affluent and high‑net‑worth market, and a valuable regulatory platform through its Central Bank of Ireland licence.
‘By combining Octium’s strengths with IFGL’s long‑term focus and stability, we are enhancing our ability to serve customers across the EU/EEA and significantly expanding our presence in a key region for the Group.’
Mr Hurley added: ‘This transaction represents a strong endorsement of the platform we have built and the strategic direction we are pursuing.
‘Becoming part of IFGL provides Octium with enhanced scale, capital strength and international reach, creating a powerful foundation for our next phase of growth.
‘IFGL’s global presence, product breadth and experience in building international platforms will enable us to accelerate expansion, broaden our offering and access new markets, while continuing to deliver high-quality, compliant solutions to our clients.
‘We are excited about the opportunities created from joining the IFGL family and are confident that it positions Octium to deliver sustained growth and long-term value for our clients and partners.’
The transaction is subject to regulatory approvals and is expected to complete later this year.