Advantage Insurance has acquired Southpac Life Insurance, a private placement life insurance and annuities provider.
Cook Islands-based Southpac Life was established in 2006 as an affiliate of Southpac Trust, and it primarily caters to high-net worth individuals across the world.
Advantage chief underwriting officer Stuart Jessop said: "Advantage is pleased to take on the responsibility for providing top-tier service to Southpac Life policyholders.
"Our goal is to make the transition from Southpac to Advantage as seamless as possible for Southpac Life clients."
Southpac Life will now operate as a subsidiary of Advantage Life & Annuity.
Southpac Trust managing director David Steens said: "Over time, our increasing focus on trust and fiduciary services has prevented Southpac from giving our life insurance business the attention necessary for it to grow to its full potential."
Subject to regulatory approvals, Advantage plans to change the name of Southpac Life to Advantage Life (Cook Islands).
Advantage Insurance offers customized insurance products and manages more than $1.1bn of insurance assets. It has presence in Grand Cayman, Charleston, South Carolina; Hato Rey, Puerto Rico; and Scottsdale, Arizona in the US.
The company primarily focuses on private placement life insurance, captive insurance management and alternative risk transfer services.
Image: Southpac Life Insurance provides private placement life insurance and annuities. Photo: courtesy of David Castillo Dominici / FreeDigitalPhotos.net.