NEW YORK--(BUSINESS WIRE)--BroadRiver Asset Management, L.P. (“BroadRiver”) announced today that it has completed the acquisition of the US & Bermuda businesses (“Lombard US/BDA”) of Lombard International Group.
Andrew Plevin, Co-Founder and Co-CEO of BroadRiver, said: “This transaction is an outstanding opportunity for BroadRiver and its investors and an additional step in BroadRiver’s strategic expansion into the insurance sector. We look forward to supporting the sustained development of Lombard US/BDA’s position in specialty life insurance and variable annuity products.”
Following the acquisition, Michael Farrell, previously Chairman, President and CEO of MetLife Insurance Company of Connecticut, was 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, was elected Chair of Lombard US/BDA’s 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 has long been the go-to solution in the specialty life and annuity business,” said Farrell. “I am excited to be working closely with its executive team and with BroadRiver to further expand the company’s product lines, distribution, and client services.”
“I’m looking forward to my role as Chair of the company’s Board,” Considine added. “Lombard US/BDA is an outstanding company, Mike Farrell will be an exceptional leader as CEO, and BroadRiver is the right sponsor to support the company’s continued excellence.”
Lombard US/BDA will be renamed as part of a corporate rebranding, details of which will be announced in the coming months.
Henley Cay Capital acted as consultants to BroadRiver. Terms of the acquisition were not disclosed.
About BroadRiver Asset Management, L.P.
Founded in 2009 and based in New York, BroadRiver specializes in uncorrelated, alternative fixed-income strategies and insurance-related investments.
About Lombard International US & Bermuda
With over $12 billion of assets under administration as of June 2023, Lombard International’s US and Bermuda business is a leading provider of private placement life insurance and annuities to individuals and institutions. The company employs over 100 people at offices in Philadelphia, New York, Bermuda, and Miami.