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."