Monument Re completes Intégrale acquisition
Bermuda’s Monument Re has completed its acquisition of Intégrale’s insurance portfolio. The deal also sees Monument take on the staff of the Belgian insurer.
The acquisition, through Monument Re subsidiary Monument Assurance Belgium (MAB), was announced in May after agreement from administrators appointed by the National Bank of Belgium for the troubled insurer.
On Wednesday, Monument Re completed the closing of the acquisition.
“This is excellent news for both the policyholders who are now insured by MAB and for the personnel of Integrale whose employment is safeguarded and who will continue to serve their customers from Liege,” the company said.
Manfred Maske, CEO of Monument Re Group, said: “This transfer fits perfectly into the broader consolidation strategy of Monument Re, so we are very pleased to welcome our new colleagues into the broader Monument Re Group.”
MAB CEO Koen Depaemelaere added: “We are delighted that we have been able to meet all the conditions to bring this acquisition to a successful conclusion. With this portfolio transfer, we created a solution with the necessary guarantees for policyholders and protections and continuity of staff. This transaction is fully in line with our growth strategy in Belgium and strengthens our position as a leading life insurance consolidator.”
