History

NPG Wealth Management comprises a number of companies with long trading histories, acquired since 2006. The following overview illustrates the development of the Group since that time.

2006
J.C. Flowers acquired a company now branded Private Estate Life SA from the US insurance group Nationwide. Tom Fraser was appointed General Manager and Group Chief Executive by the new Board of Directors. At that point, the Group had some EUR 3.5 billion of client assets in several European countries. New business, however, was limited to the distribution of life insurance products through insurance brokers in Belgium.

2007
In April 2007, the Belgian operation was relaunched under the name Private Estate Life and, later in the year, the sale of products in the UK and Luxembourg re-commenced. A number of small life insurance entities in run-off were also acquired which have since been renamed Altraplan Luxembourg SA, Altraplan Bermuda Limited and Augura Life Limited.

In December 2007, NPG purchased the majority of FINB, a leading Belgian mortgage broking and investment advisory.

2008
In January 2008, the Group acquired majority control of UK Wealth Management, a UK-based group of financial advisory companies with recognized expertise in the fields of wealth management and pension plans.

In November 2008, NPG re-entered the Scandinavian market by acquiring Commercial Union International Life SA (“CUIL”) and its Swedish distribution company CGU Life AB from Delta Lloyd Netherlands, a member of the Aviva group. As a result of the transaction, Delta Lloyd Netherlands took a 15% stake in NPG Wealth Management. In February 2010, CUIL changed its name to Altraplan Luxembourg following a merger between the two companies.

In December 2008, Altraplan Luxembourg entered into a business agreement with Lex Life & Pension SA, a Luxembourg-based life assurance company that offers dedicated fund solutions to high net worth individuals and expatriates throughout Europe. The agreement includes the transfer of certain employees, fixed assets, intangibles and the signing of a Service Level Agreement, and the option for the seller’s existing policyholders to transfer their policies to Altraplan in accordance with Luxembourg regulations and subject to certain conditions.

2009
In June 2009, NPG entered into an agreement to acquire Mass Mutual Europe (MME), a Luxembourg-based life assurance company pursuing wealthy clients with similar investment product offerings as NPG. As it had not been possible to close the transaction within the contractual timefreame, NPG decided in January 2010 to not proceed with the planned acquisition.

In September 2009, NPG signed a contract to acquire an Irish life assurance company, Combined Life Assurance Company of Europe Ltd. (CLACE). The transaction marks the cornerstone for NPG in offering unit-linked products out of Ireland and thus adds a fourth jurisdiction to NPG’s offering of investment solutions that so far consisted of products domiciled in Luxembourg, Gibraltar and Bermuda. The Irish company has since been renamed into Augura Life Ireland Ltd.

In November 2009, NPG acquired a majority stake in Asklepios AG Assekuranzmakler, an independent insurance broker that has specialised in providing services to doctors. With a total of 14 staff and five branches, the company sells third-party liability insurance, health insurance and retirement products, among others.
Due to a strategic review in 2010, the Group decided to withdraw from Asklepios AG and Your Pension Management.