International private equity investment group Cinven has entered into an agreement to acquire International Financial Group Limited (IFGL), a life insurance provider of cross-border, long-term savings products.
IFGL has £19 billion of assets under administration and operates through its brands, RL360, Ardan International and Friends Provident International.
The company was established in October 2013 to support the management buyout of RL360 from Royal London Group.
Since then, it acquired Clerical Medical International in 2015, Ardan International in 2016 and Friends Provident International Limited from Aviva in 2020.
Headquartered in the Isle of Man, IFGL has a global footprint and employs more than 550 people.
“Cinven is delighted to be investing in IFGL,” said Luigi Sbrozzi, Partner at Cinven. “IFGL is an established insurer with a strong market position. It has a large back book, which sits alongside an established new business franchise that is well diversified geographically.”
“The Cinven team knows the market well through its previous life insurance investments, including Guardian in the UK and Viridium in Germany, and has a strong track record of working with companies in the sector to achieve strong growth, in particular, through buy-and-build as well as further product development and internationalisation.”
David Kneeshaw, Group, CEO, IFGL, also commented: “This investment by Cinven will accelerate the Group’s ambitious plans for growth. Cinven shares our vision for the future and we are now ideally placed to expand significantly through both organic and new market growth and through further M&A activity. We now look ahead to what will be a hugely exciting new period for IFGL.”
