Philadelphia Financial and Lombard International Assurance have combined to create Lombard International, a global life insurance-based wealth management business, Lombard announced Wednesday.

The new firm is a wealth management provider for high-net-worth and ultra-high-net-worth clients. Both Philadelphia Financial and Lombard International Assurance were owned by Blackstone, which completed the combination in September.

Lombard International provides multi-jurisdictional wealth planning solutions through its partner networks across the United States, Europe and Latin America. Lombard International, with $75 billion in assets under administration, is headquartered in Philadelphia and Luxembourg.