Acquisition of Credit Suisse Life & Pensions AG by Octium Group
Octium Group, an international and independent insurance group, has completed the acquisition of Credit Suisse Life & Pensions AG, a subsidiary of Credit Suisse specializing in the provision of life insurance solutions. This transaction was announced in July 2021.
The acquisition of Credit Suisse Life & Pensions AG by Octium Group, announced in December 2021, has now been completed following the granting of regulatory approvals. This transaction by the Luxembourg-based insurance group follows the acquisition of the insurance business of UBS. Octium says it now has life insurance assets of over EUR 10 billion, a growing presence in Europe with offices in Luxembourg, Dublin, Vaduz, Zurich and Milan, and a specialized team of over 75 employees. With a solvency ratio of its two insurance carriers of more than 170% (as of Sept. 30, 2021), Octium is a highly capitalized group in the cross-border life insurance industry.
"Trusted partner"
The acquisition is complementary to the existing business from a customer, product and sales perspective, while being strategically important for future development plans, according to the statement. In particular, the presence in Liechtenstein guarantees access to additional markets and the development of new products and solutions, Octium says. The transfer of the internal units of the two largest Swiss banks to Octium is clear evidence of the group's reputation within the industry as a trusted partner that enhances its clients' life insurance solutions, it said.
Further strategic step of the Octium Group
The acquisition represents an expansion of Octium's organization, which previously also consisted of Octium Life DAC, an insurance company based in Ireland, and its insurance intermediary, Octium International Insurance Agent AG, based in Switzerland and Liechtenstein. Octium's insurance solutions and services are generally focused on estate planning. Thanks to its long experience in the insurance and wealth management sector, the Group is able to offer optimal solutions to meet its clients' needs. The group is led by Jean-François Willems, Chairman and Dara Hurley, CEO. "This new acquisition represents the next stage in the implementation of our long-term strategy to become a leader in the international PPLI market," Willems is quoted as saying.
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