Lombard International Assurance has launched a product it says is designed specifically for US taxpayers and prospective US residents who currently live in the United Kingdom.
The product, called the Wealth Passport – UK Hybrid Policy, combines a UK life insurance policy with a US deferred variable annuity contract. Announcing its launch on Wednesday, Lombard said the product was targeted both at US citizens and non-US citizens planning to spend a time residing in the US.
It is the second product in Lombard’s Wealth Passport Hybrid Policy line, following the Wealth Passport – German Hybrid Policy, which the fills the same function for US taxpayers and potential residents living in Germany.
Lombard International executive chairman John Hillman said American clients outside the US face a “range of complex wealth management issues”. Lombard International’s cross-jurisdictional experience puts it in a strong position to offer this sort of product, he added.
Lombard’s Europe chief executive Axel Hörger said the “backdrop of growing regulatory complexity” as the context for the product’s launch.
Lombard International Assurance, as it currently exists, was created in September 2015, when its new owner, US private equity giant Blackstone, merged Lombard International Assurance S.A. with Philadelphia Financial Life Assurance Co. It now maintains “joint headquarters” in Luxembourg and Philadelphia.
Lombard International’s global assets under administration are more than US$75bn, and it says its global staff total more than 500. Blackstone has assets under management of more the US$330bn.