Monument Re has acquired full ownership of Aspecta Assurance International Luxembourg S.A. (Aspecta), a life insurance undertaking based in Luxembourg with branches in Germany, Italy and Spain.
The acquisition also includes Aspecta’s 25% stake in Quality Insurance Services Luxembourg S.à r.l., the principal service provider to Aspecta.
Manfred Maske, Group Chief Executive Officer for Monument Re said; “a key goal continues to be the development and growth of our Benelux platform. The acquisition of Aspecta Assurance International Luxembourg S.A. 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.”
The acquisition is in line with Monument Re’s strategy to acquire portfolios or insurers in Europe and marks its first Luxembourg acquisition, and second in Continental Europe.
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, however, since 31st December 2010 it has been closed to new business.
In 2000, Aspecta was incorporated as a 100% subsidiary of Talanx Group.
The transaction remains subject to regulatory approvals.
