Monument Re poised to make acquisition in Belgium

Monument Assurance Belgium (MAB), part of the Bermuda-based Monument Re Group, has reached an agreement to acquire Intégrale, a Belgian life assurance company.

Provisional administrators appointed by the National Bank of Belgium (NBB) on behalf of Intégrale judged MAB’s offer to best meet the interests of its policyholders and staff. MAB will acquire the entire portfolio and all the staff of Intégrale, pending the final approval of the NBB.

During the transition period, MAB and Intégrale will take all steps necessary to prepare for a seamless transfer for policyholders, brokers and staff, the companies said. Intégrale's staff continue to service policyholders and brokers as usual.

MAB will offer an 18-month employment guarantee to all Intégrale employees and a three-month retention bonus to ensure continuity of service for policyholders and brokers through the transition to and integration into MAB.

Manfred Maske, group chief executive officer (CEO) of Monument Re, said: “As a part of the completion process, we will make a substantial capital addition to the existing capital of MAB to further increase security to policyholders and staff.”

Koen Depaemelaere, MAB’s CEO, added: “Acquiring the portfolio of Intégrale allows us to secure policyholders’ benefits and the continuity of employment of the staff of Intégrale. It fits perfectly with our strategy of growth and consolidation in Belgium and strengthens our position as the leading life insurance consolidator.”