Monument Re acquires closed book via Luxembourg unit

Bermuda-based life reinsurer Monument Re has reached an agreement with Integrale Luxembourg to acquire its closed book portfolio of long-term life insurance business. The deal will be conducted via Luxembourg subsidiary Monument Assurance Luxembourg.

The portfolio being acquired 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 is a reinsurer and asset consolidator with a track record in the acquisition and operation of portfolios or direct insurers in Europe.