Isle of Man-based Wilton Group, which launched a captives offering in July, is to boost this offering through the acquisition of a group of companies that focus on captive insurance management, life and general insurance and the administration of retirement benefit schemes.
The IOMA companies, comprising Isle of Man Assurance, IOMA Horizons and Isle of Man Insurance Management, employ 29 people and manage close to £500 million in assets.
Wilton said it plans to retain and strengthen IOMA’s team with the addition of its UK and Isle of Man-based financial services and insurance/investment professionals.
Wilton Captive Services is headed up by Ian Du Feu and John Dupont.
Tony Flanagan, Wilton founder and managing partner, stated: “The IOMA business is highly synergistic with Wilton and will become a key component of our wider financial services offering. Wilton and IOMA target similar markets and clients with complementary products and we are excited by IOMA’s potential as part of Wilton.”
IOMA’s executive chairman Robin Bigland added: “Joining Wilton provides IOMA with a strong, stable, locally managed parent, securing the futures of IOMA’s staff here in Douglas and affording IOMA excellent growth opportunities as part of a bigger network, enabling IOMA to thrive into the future as it has throughout its 50-year history here in the Isle of Man.”
Wilton Group, Acquisition, Captive Insurance, IOMA, Insurance, Reinsurance, Ian Du Feu, John Dupont, Tony Flanagan, Robin Bigland, Isle of Man