Utmost Group plc has completed the acquisition of Quilter International from Quilter plc.

This follows the initial announcement on April 2 and the announcement of the achievement of the necessary regulatory approvals on November 12.

The total consideration payable to Quilter plc is £481m reflecting interest at 5% p.a. on the base consideration of £460m from 31 December 2020 to the date of completion.

Quilter International has operated from the Isle of Man since 1984 and currently has more than 400 employees. It will now become a part of Utmost International, the international life assurance business of the Utmost Group.

The acquisition adds approximately £24bn of assets under administration and 90,000 policies to the group and is in line with the group’s strategy to grow its business both organically and through acquisition, and to enhance its proposition for its partners and clients.

Mike Foy has been appointed the chief executive officer of the expanded Utmost International Isle of Man operations, subject to regulatory approval. Mike has been chief executive officer of the Utmost International Isle of Man operations since the acquisition of the AXA Isle of Man business in 2016 and previously held various senior roles within AXA.

Peter Kenny, CEO at Quilter International, has decided that he would like to pursue different opportunities at this time.

Addressing questions which affect island interests, Mr Foy said: ’The acquisition of Quilter International is a focused and ambitious step towards Utmost International’s intent to be the leading provider of wealth solutions across the globe.

’The strategy is clearly centred on growth and expansion, but with change comes always some uncertainty.

’Our growth plans will result in overall increased business volumes and we would look to actively redeploy personnel across business functions where possible as our plans progress.’

Currently, Quilter operates out of the former Royal Skandia building at Port Jack, which Utmost is based at the other end of Douglas Promenade, in Walpole Avenue.

Mr Foy said: ’We will continue to operate from both island locations for the present time. Of course, our longer term aim is to have all of our local colleagues in one building and this will feature in plans going forward.’

Law firm Appleby acted as Isle of Man counsel to Quilter plc on the sale.

The Appleby team comprised experienced insurance and merger and acquisition specialists, partner Juan Thornley and senior associate Katherine Garrood, who advised on all Isle of Man legal and regulatory matters.