BroadRiver Asset Management, L.P. has successfully concluded its acquisition of the US and Bermuda businesses of Lombard International Group.
Andrew Plevin, Co-Founder and Co-CEO of BroadRiver, expressed enthusiasm about the transaction, stating, “This transaction is an outstanding opportunity for BroadRiver and its investors and an additional step in BroadRiver’s strategic expansion into the insurance sector. We look forward to supporting the sustained development of Lombard US/BDA’s position in specialty life insurance and variable annuity products.”
Following the acquisition, key leadership positions have been filled, with Michael Farrell, former Chairman, President, and CEO of MetLife Insurance Company of Connecticut, appointed as Chief Executive Officer of Lombard US/BDA.
Tom Considine, CEO of The National Conference of Insurance Legislators and former New Jersey Commissioner of Banking & Insurance, has been elected as the Chair of Lombard US/BDA’s Board.
Commenting on the development, Farrell emphasised the potential for growth, stating, “Lombard US/BDA has long been the go-to solution in the specialty life and annuity business. I am excited to be working closely with its executive team and with BroadRiver to further expand the company’s product lines, distribution, and client services.”
Tom Considine, the newly elected Chair of Lombard US/BDA’s Board, added, “I’m looking forward to my role as Chair of the company’s Board. Lombard US/BDA is an outstanding company, Mike Farrell will be an exceptional leader as CEO, and BroadRiver is the right sponsor to support the company’s continued excellence.”
As part of the acquisition, Lombard US/BDA will undergo a corporate rebranding with details set to be announced in the coming months.
Charles Nachman will continue as President of the US business, and Jennifer Titterton will assume the role of President for the Bermuda business.
The terms of the acquisition, which was facilitated with the assistance of consultants Henley Cay Capital, have not been disclosed.
