Guardian Financial Services acquires closed life company Ark Life as part of growth strategy
Guardian Assurance (“the Company”) today announces the acquisition of Ark Life Assurance Company Limited (“Ark Life”) from Allied Irish Bank (“AIB”), subject to regulatory approval. Ark Life manages assets of €4bn and 270,000 policies, bringing Guardian's totals to approximately £16bn in assets and approximately 976,000 in policies.
Ark Life represents a strategically important acquisition for Guardian providing both a high quality business and valued partnership with AIB to gether with a platform for further M&A growth in the Irish domestic market and inwards reassurance of business from the UK and continental Europe.
Jonathan Yates, Chief Executive of Guardian, said:
"We are delighted to have been chosen by AIB to acquire Ark Life. Our commitment to provide high quality service to its customers was a key criterion for AIB and we look forward to working with the Ark Life management team to develop our closed fund consolidation and r einsurance platform in Dublin."