Monument Assurance Luxembourg, a member of the Monument Re Group, is set to acquire AME Life Luxembourg (AMELL) from French Mutual Insurance Group Covéa, subject to regulatory approvals.
AMELL is a Luxembourg-based life insurance company with market presence in Luxembourg, Belgium and Italy.
The transaction’s financial terms were not disclosed and will have no impact on AMELL clients and policyholders.
Manfred Maske, CEO of Monument Re commented: “We are pleased to have reached agreement with Covéa to acquire its subsidiary AMELL. This transaction represents an important step in our consolidation strategy by further strengthening our presence in Luxembourg.”