Bermuda-based Monument Re has announced that it has acquired full ownership over Benelux Life Run-Off SCS, including its acquisition of ABN AMRO Life Capital Belgium, the Belgian life insurance subsidiary of ABN AMRO.
Benelux Life Run-Off SCS was established by Acathia Capital as the first run-off platform for life insurance companies and life insurance portfolios based in Belgium, with AALCB being its first acquisition.
According to Monument Re it now has full ownership over Benelux Life Run-Off SCS with the sole purpose of further unlocking the potential of the company in the Belgian market. The purchase is subject to regulatory approval.
The company said that this is its first acquisition in Continental Europe, while already being active in the Irish market.
“We have identified the combined Belgian and Luxembourg market as one of our strategic priorities and, through this transaction, we will establish our presence,” said Manfred Maske, group CEO for Monument Re. “AALCB will provide a sound platform for further acquisitions of run-off portfolios and entities.”
Thomas Schmitt, managing Partner of Acathia Capital said: “We are proud of having established the first life run-off platform in Belgium and initiating its first acquisition, after an earlier similar success in the German market. Through this transaction, we also secure that under Monument Re stewardship AALCB will be well positioned to fully capture the potential of future opportunities in the Belgian market.”
Monument Re, Benelux Life Run-off, ABN AMRO Life Capital Belgium, Acquisition, Thomas Schmitt, Manfred Maske, Bermuda