International Financial Group Limited (IFGL) said today (11 January) it has entered into an agreement with Isle of Man Assurance Limited (IOMA) to transfer IOMA’s wealth book of business to IFGL. The transfer is subject to regulatory approval.

The IOMA wealth book consists of just over 2,000 policies with an AUM of circa £500m.

The deal, which will provide additional size and scale to IFGL, solely covers IOMA’s wealth book of business and does not include the acquisition of the company or the transfer of any staff to IFGL.

IFGL Insurance Business managing director Mike Crellin (pictured) said: “This acquisition is part of IFGL’s longstanding strategy of growth through acquisition, as well as organically. The deal is an opportunity for us to provide existing IOMA wealth customers with the high standards of service for which IFGL is internationally recognised.

“We expect to receive the necessary approvals to complete this deal later in 2024.”

IOMA chairman Robin Bigland said: “In a changing world we at IOMA feel that the future of our wealth clients will be best served in the hands of a renowned financial group. We are very pleased that IFGL will hereafter fill that role.”