Monument Re to acquire closed Zurich life book in Singapore

Bermuda-based Monument Re has agreed to acquire the closed book portfolio of Zurich International Life’s Singapore long term life insurance business.

The deal was possible following Monument International Life Assurance Company receiving a Singapore insurance licence in May 2022.  Employees will transfer into the new Singapore branch of Monument International Life Assurance Company upon receipt of court and regulatory approvals in the Isle of Man and Singapore.

Reginald Peacock, CEO of Zurich Singapore, said: “Like in any business, we will always look for ways to improve and for opportunities to optimise our business in a respectful way for our customers, partners and employees. Be reassured no other business outside of our Singapore long term life insurance portfolio will be materially impacted and we remain dedicated to servicing all our existing customers and partners.”

Manfred Maske (pictured), CEO of Monument Re, added: “We are pleased to have reached agreement with ZILL to acquire this block of business, our second transaction with the wider Zurich group. This transaction represents an important step in the Monument growth and consolidation strategy by strengthening our presence in the Isle of Man whilst also establishing our presence in the Singapore market.”