Monument Re to merge Luxembourg subsidiaries
Monument Re has announced that AME Life Lux will merge into Monument Assurance Luxembourg following receipt of regulatory approval from the Commissariat aux Assurances. As a result, Monument Assurance Luxembourg will be the sole Monument Luxembourg entity following the merger.
Monument Re is a reinsurer and asset consolidator that says it has a proven track record in the acquisition and operation of portfolios or direct insurers in Europe. Monument Re has a presence in Bermuda which has full Solvency II equivalence along with Switzerland.
The Monument Re Group also operates through its subsidiaries in Belgium, Ireland, Isle of Man, Guernsey and Luxembourg, with branches in Spain, Italy and Germany. Each entity is subject to local regulation and Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.
Monument Assurance Luxembourg 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.
