Monument Re set to acquire Athora Ireland

Monument Re will acquire the closed-block portfolio of variable annuities from Athora Ireland, a wholly-owned subsidiary of Athora Holding.

The deal is subject to necessary Irish High Court and regulatory approvals.

Athora Ireland is an Irish insurance company focused on providing reinsurance solutions to insurers and the efficient management of a portfolio of variable annuities for some 13,000 policyholders. Its business is predominantly in the UK and represents about €1 billion of funds under management.

Athora is a specialised re/insurance group focused on the European market. As well as Athora Ireland and Athora Life Re in Bermuda, it owns Athora Netherlands, Athora Belgium and Athora Lebensversicherung.

Financial terms of the transaction were not disclosed.

Manfred Maske, Monument Re’s chief executive, said the new block of business will reinforce Monument Re’s position as the market leading consolidator in Ireland.