The deal is subject to regulatory approvals and it is expected to complete in the first quarter of 2016. Zurich Eurolife S.A. is Zurich’s wholly owned subsidiary in Luxembourg, having provided life insurance since 1995. Xavier Nevez, chief executive of Zurich Eurolife S.A., said: “The decision to sell our private banking solutions business in Luxembourg is in line with Zurich Insurance Group’s strategy to focus its investments on businesses and markets where it has a strong and competitive position. In Luxembourg, we continue to focus on corporate risk and savings solutions.”

Lombard International Assurance was chosen because of its position in the industry as a provider of multi-jurisdictional wealth planning solutions to high net worth individuals and families throughout Europe, the United States and Latin America, a statement added.

Clients impacted by the acquisition will get “ongoing support from Lombard International Assurance’s European partner networks”.

John Hillman, executive chairman of Lombard International, said the deal “allows us to leverage our resources effectively to serve our target market”.

Lombard International announced on 8 January plans to open offices in Hong Kong and Singapore as a “significant” next step in its global expansion plans, under a new chief executive for the Asia region.