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Mexico-based Akaan Lombard to acquire Principal Seguros' life insurance business

Lombard International Assurance SA's Mexican joint venture business, Akaan Lombard International, has agreed to acquire Principal Seguros SA de CV's life insurance operations.

The terms of the deal, which is subject to regulatory approval and is expected to close later in 2018, were not disclosed.

Akaan Lombard will gain about 8,000 Mexican clients through the purchase, accelerating its growth plans in the country and the Latin American region, according to a press release.

The deal supports Lombard International's "global growth ambitions through both organic and inorganic opportunities," John Hillman, the company's group CEO, said in a statement.

Principal Seguros is a unit of Principal Mexico Cia. de Seguros SA de CV.