Monument Re buys Benelux Life Run-off
Monument Re is to acquire full ownership of Aspecta Assurance International Luxembourg, subject to regulatory approval.
Aspecta, a life insurance undertaking based in Luxembourg with branches in Germany, Italy and Spain, was incorporated in 2000 as a 100 percent subsidiary of Talanx Group. It has been closed to new business since 31st December 2010. Aspecta specialised in unit-linked single premium products targeted towards high net-worth individuals as well as in unit-linked regular premium products for the retail market.
According to the company this is its first acquisition in Luxembourg and second in Continental Europe, and is in line with its strategy to acquire portfolios or insurers in Europe and operate these businesses in a capital efficient manner. This acquisition also includes Aspecta’s 25 percent stake in Quality Insurance Services Luxembourg.
“A key goal continues to be the development and growth of our Benelux platform,” said Manfred Maske, group chief executive officer for Monument Re. “The acquisition of Aspecta Assurance International Luxembourg is an important foundational step in fulfilling our Benelux strategy with further acquisitions of run-off portfolios and entities anticipated. We welcome our new colleagues and look forward to working together to continue building our business.”
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