Monument Re, a Bermuda-based reinsurer and acquirer of European portfolios, has entered into a deal to acquire a €140m ($157.2m) portfolio of Irish annuities from Rothesay Life, a UK provider of insurance solutions for pensions de-risking.
The acquisition has been structured initially as reinsurance to Monument Re and is expected to be followed by a Part VII transfer of the portfolio to its Irish life subsidiary Laguna Life, subject to regulatory and court approvals.
Rothesay Life's portfolio consists of bulk annuities and those which have transitioned to individual policies, and was acquired through the purchase of MetLife Assurance in 2014, which is said to have been an active participant in the Irish bulk annuity market.
“We are pleased to announce this transaction, subject to regulatory approval, as we continue to deliver on our Ireland consolidation strategy," said Manfred Maske, CEO of Monument Re Group.
Andrew Stoker, chief financial officer of Rothesay Life, added: “We are pleased to have reached a conclusion in relation to our Irish portfolio which enables us to meet all legal requirements irrespective of the outcome of current Brexit negotiations and thank the team at Monument for working quickly and efficiently to complete this transaction in the short time scales available.”
Rothesay Life, Monument Re, Legacy, Run-off, Annuities, Life, Bermuda, Ireland