Advantage Insurance Holdings has completed the acquisition of Southpac Life Insurance Limited from an affiliate of Southpac Trust Limited.
Established in 2006, Southpac Life specialises in private placement life insurance and annuities for high net worth individuals worldwide.
Advantage’s chief underwriting officer, Stuart Jessop, said: “Advantage is pleased to take on the responsibility for providing top-tier service to Southpac Life policyholders.”
“Our goal is to make the transition from Southpac to Advantage as seamless as possible for Southpac Life clients. We appreciate the vote of confidence Southpac Trust have given to Advantage by selecting us to continue the business of Southpac Life, and look forward to completing a smooth transition.”
David Steens, managing director of Southpac Trust, added: “Over time, our increasing focus on trust and fiduciary services has prevented Southpac from giving our life insurance business the attention necessary for it to grow to its full potential.”
“We are pleased to have transitioned the business to Advantage and look forward to working closely with Stuart Jessop, Fiona Moseley and the entire Advantage team to ensure that Southpac’s life insurance clients receive the highest possible standards of service.”
Southpac Life, domiciled in the Cook Islands, will be operated as a subsidiary of Advantage Life & Annuity Company.
Policy administration has been transferred to Advantage effective 1 October.
Advantage has applied to change the name of Southpac Life to Advantage Life (Cook Islands), to become effective upon receipt of regulatory approvals.
No other changes to Southpac Life are contemplated, according to Advantage, and no employees of Southpac Trust or Advantage are to be impacted by the transition.
