Monument Re set to acquire GreyCastle Holdings

Monument Re is set to acquire GreyCastle Holdings, a Bermuda-based reinsurer focused on managing a portfolio of annuity and life risks, and its subsidiaries.

Monument Re signed an agreement to acquire GreyCastle and its subsidiaries, which include GreyCastle Life Reinsurance and GreyCastle Services, from the shareholders of GreyCastle Holdings.

The transaction is subject to regulatory approval. Change of control will follow satisfaction of customary closing conditions.

Manfred Maske, CEO of Monument Re Group, said the transaction “represents a significant strategic milestone for Monument Re and is especially pleasing given the challenge of current conditions arising from the Coronavirus.”

GreyCastle was founded in 2014 by a group of institutional investors to reinsure a significant block of XL Life Reinsurance life and annuity risks.