Monument Re completes purchase of AMELL

Bermuda re/insurer Monument Re’s Luxembourg subsidiary, Monument Assurance Luxembourg, has completed its acquisition of AME Life Lux (AMELL). The purchase from French mutual insurance group Covéa, first announced last May, has now received regulatory approval from the Commissariat aux Assurances.

The financial terms of the transaction were not disclosed.

AMELL is a well-established Luxembourg-based life insurance company with a market presence in Luxembourg and Belgium. The transaction will have no impact on AMELL’s policyholders, according to Monument Re.

“This transaction represents an important step in our consolidation strategy by further strengthening our presence in Luxembourg,” said Manfred Maske, CEO of Monument Re, at the time the acquisition was first announced.