The EU has approved the takeover of Irish-based insurer Quilter International by UK specialist life assurer Utmost.

The European Commission said yesterday that the merger of the two life insurance companies raises no competition concerns, given their combined and individual market shares “remain minimal” in their respective markets.

The latest merger gives Utmost sole control of the whole of Quilter International, by way of a share purchase.

Utmost acquired the Quilter International business – consisting of Quilter International Isle of Man Limited and Quilter International Ireland DAC – from Quilter plc for £483m (€562m).

The acquisition was announced in April, with Utmost saying that it would add £22bn of assets under administration and 90,000 policies to its portfolio, giving it a total of 600,000 customers and £58bn of assets.

At the time, Utmost assured customers it would work with Quilter to make available a continued range of life assurance products.

Paul Feeney, CEO of Quilter, said in April that it was an “excellent outcome for all stakeholders”.

Utmost saw its assets under administration rise 22pc in 2020 as a result of the acquisition of one of the world’s oldest insurers, Equitable Life.

Quilter International has clients across the UK, Europe, the Middle East, Asia and Latin America.

At the announcement of the merger, Utmost said Quilter’s business would “complement and strengthen Utmost International’s existing position in these attractive markets”.

Last October Utmost Group brought together its two businesses - Utmost International and Utmost Life and Pensions under a single UK holding company, Utmost Group Limited.

At the publication of the group’s 2020 results in May, CEO Paul Thompson said that “the year ahead will be a period of growth”.

Fitch said the deal would increase Utmost Group's size and scale.