Lombard International’s Mexican joint venture business is set to acquire Principal Seguros of C.V.’s Life Insurance business in a deal that will accelerate the company’s growth plans for Mexico and Latin America as it will gain 8,000 new Mexican high-net-worth clients.
Akaan Lombard International is a joint venture between Lombard International and Akaan, with each business owning 50% of the venture tailored for Mexico’s growing high-net-worth and ultra-high-net-worth expat community.
“This acquisition demonstrates our commitment to our Mexican and Latin American partners and clients, while supporting our global growth ambitions through both organic and inorganic opportunities.
With a footprint in Asia, Europe, the US and Latin America, we are building a unique global business in our sector, being able to serve our clients successfully on a global scale, leveraging our in-house expertise and unparalleled partnership network,” John Hillman, group chief executive officer of Lombard International, said in a statement.
Lombard International provides wealth structuring solutions for high net worth individuals and institutions.
“This acquisition represents an important step for Akaan Lombard International. Following the launch of our joint venture with Lombard International, we are pleased with the good work and progress achieved together. We look forward to the future as we bring world class wealth planning solutions to the Mexican market,” Akaan’s chairman and founder, Fernando Quiroz, added,
The acquisition is subject to regulatory approval and is expected to close later this year.