Monument Re announced today that its Luxembourg subsidiary Monument Assurance Luxembourg S.A. (“MAL”) reached an agreement with Integrale Luxembourg to acquire its closed book portfolio of long term life insurance business. The portfolio serves mainly the Luxembourgish, Dutch and French markets, and is strategically aligned to MAL’s existing business model.
The portfolio and its employees will transfer into Monument’s Luxembourg operations upon receipt of all necessary regulatory approvals from the Bermuda Monetary Authority (“BMA”) and the Commissariat aux Assurances (“CAA”).
Monument Re Limited is a reinsurer and asset consolidator with a proven track record in the acquisition and operation of portfolios or direct insurers in Europe. Monument Re is present in Bermuda which, like Switzerland, is a fully Solvency II equivalent jurisdiction. The Monument Re Group operates through its subsidiaries in Belgium, Ireland, Isle of Man and Luxembourg, with branches in Guernsey, Spain, Italy, Germany and Singapore. Each entity is subject to local regulation and Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.
Monument Assurance Luxembourg S.A. is a fully licensed Luxembourg life insurance company regulated by the Commissariat aux Assurances, with branches in Spain, Italy, and Germany. Its strategy is to acquire, by portfolio transfer or outright purchase, legacy guaranteed and linked portfolios in Luxembourg, Italy and Spain.
To learn more, please visit our website at www.monumentregroup.com.
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