Bermuda domiciled life reinsurance and insurance holding company, Monument Re, has announced the acquisition of a closed book of life business from Curalia OVV, a mutual insurance company based in Belgium.
Under the terms of the transaction, the portfolio transfers into Monument Assurance Belgium NV, the reinsurer’s Belgian carrier.
Monument Assurance Belgium operates as a closed book consolidator of life portfolios in Belgium under the supervision of the National Bank of Belgium.
Curalia OVV is authorised by the National Bank of Belgium, and marks Monument Re’s 12th acquisition in Europe. According to an announcement on the deal, the policy terms and conditions of the contracts will remain unchanged, while terms of the transaction were not disclosed.
Some of Monument Re’s other acquisitions in Europe include the acquisition of Inora Life DAC, its takeover of Cattolica Life DAC from Cattolica Assicurazioni, and an agreement to acquire a €140 million portfolio of Irish annuities from Rothesay Life Plc, to name just a few.
