Utmost International has completed the merger of its three Irish life assurance companies: Utmost Ireland and Harcourt Life Ireland have been merged into Utmost PanEurope.
According to a statement from the company, the transfer of assets and liabilities became effective on 31 October 2019.
The de-authorisation of Utmost Ireland and Harcourt Life is expected in the near future after which both these entities will be dissolved. Utmost PanEurope will retain its Fitch credit rating (IFS A/Stable).
These simplification steps will result in more efficient governance and deliver capital benefits, resulting in a single Irish life company"
"These simplification steps will result in more efficient governance and deliver capital benefits, resulting in a single Irish life company with an accompanying reduction in the required controlled functions and a more straightforward interaction with the regulator," Utmost International said.
"The completion of the merger is a key milestone in the delivery of our strategic goals including the creation of synergies through the successful integration of our acquired businesses to enhance our financial and operational performance," it added.
The merger was approved by the Irish High Court and completed via a portfolio transfer scheme under Section 13 of the Assurance Companies Act 1909.
Utmost International is responsible for over £28bn of policyholder assets for more than 140,000 customers.