Monument Re completes portfolio transfer with Omega Life

Monument Re, the Bermuda-based life re/insurance holding company, has completed the portfolio transfer of the Omega Life book into the Italian Branch of Monument Assurance Luxembourg.

The transaction was completed at the end of December 2020. In accordance with the approval of the Irish High Court, the portfolio transferred to Monument Assurance Luxembourg with unchanged terms and conditions for policyholders.

The Board of Omega Life subsequently received authorisation from the Central Bank of Ireland to withdraw the life insurance licence of Omega Life, which was completed on February 9, 2020.