IMAS has advised IOMA in relation to the announced acquisition of Isle of Man Assurance Limited, IOMA Horizons Limited and Isle of Man Insurance Management Limited by Wilton, in a deal that is subject to Isle of Man FSA regulatory approval.
The IOMA companies are bespoke insurance and pension solution providers that have been at the forefront of the insurance market in the Isle of Man since 1971. Isle of Man Assurance Limited, the largest entity in the group, is a composite insurer (the only such business on the Isle of Man) with a track record of innovation, having pioneered a number of noteworthy life and non-life products over the course of its history.
Wilton is an independent professional services, investments and pensions firm incorporated in the Isle of Man and further offices in London, Bristol, Blackburn, Leicester, Dublin and Dubai, employing 150 staff.
Wilton founder and managing partner, Tony Flanagan, said: “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.”
IMAS has worked with IOMA since 2018, advising the group and its shareholder on its strategic options, including a potential sale. IMAS advised on all aspects the sale process, including helping to support the businesses through a comprehensive due diligence process.