Alternative credit investor BroadRiver Asset Management has completed its acquisition of the US & Bermuda businesses of Lombard International Group.
u201cThis transaction is an outstanding opportunity for BroadRiver and its investors and an additional step in BroadRiveru2019s strategic expansion into the insurance sector,u201d said Andrew Plevin, Co-Founder and Co-CEO of BroadRiver.
u201cWe look forward to supporting the sustained development of Lombard US/BDAu2019s position in specialty life insurance and variable annuity products,u201d he added.
Michael Farrell, previously Chairman, President and CEO of MetLife Insurance Company of Connecticut, has been appointed Chief Executive Officer of Lombard US/BDA and Tom Considine, CEO of The National Conference of Insurance Legislators and former New Jersey Commissioner of Banking & Insurance, has been elected Chair of Lombard US/BDAu2019s Board.
Charles Nachman will continue as President of the US business and Jennifer Titterton will be named President of the Bermuda business.
Lombard US/BDA will be renamed as part of a corporate rebranding. Henley Cay Capital acted as consultants to BroadRiver.