Guernsey-based offshore company, Aberdeen International, has been acquired by LCL International Life Assurance Company (LCL-ILA) from Aberdeen Asset Management.
The terms of the transaction are not being disclosed.
Philip Holden, a director of LCL, said: "We identified small, offshore closed life funds some time ago as a key component in our growth strategy for the LCL Group.
"The Guernsey company's portfolio and activities will be transferred and integrated with those of LCL-ILA and this consolidation will enhance policyholder protection and reduce administration costs."
The acquisition has been approved by the Guernsey Financial Services Commission and also by the Insurance and Pensions Authority of the Isle of Man, the island's regulatory body.
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