Monument Re closes in on Luxembourg-based life company

Monument Assurance Luxembourg, a subsidiary of Bermuda-based Monument Re, is poised to acquire AME Life Luxembourg (AMELL) from Covéa, the French mutual insurance group.

AMELL is a Luxembourg-based life insurance company operating in Luxembourg, Belgium and Italy.

The financial terms of the transaction, which remains subject to regulatory approval, were not disclosed.

Monument Re promised the deal will have no impact on AMELL’s clients or policyholders.

Manfred Maske, chief executive officer at Monument Re, said: “This transaction represents an important step in our consolidation strategy by further strengthening our presence in Luxembourg.”