Bermudian reinsurer Monument Re has entered into an agreement to acquire a €140 million portfolio of Irish annuities from Rothesay Life Plc.
Rothesay Life explained that it was looking to offload the portfolio ahead of Brexit to ensure it meets all legal requirements, whatever the outcome of the ongoing negotiations.
The acquisition has been structured initially as reinsurance to Monument Re and is expected to be followed by a Part VII transfer of the portfolio to Laguna Life d.a.c., subject to regulatory and court approvals.
“We are pleased to announce this transaction, subject to regulatory approval, as we continue to deliver on our Ireland consolidation strategy,” said Manfred Maske, Chief Executive Officer (CEO) of Monument Re Group.
Andrew Stoker, Chief Financial Officer of Rothesay Life, also commented: “We are pleased to have reached a conclusion in relation to our Irish portfolio which enables us to meet all legal requirements irrespective of the outcome of current Brexit negotiations and thank the team at Monument for working quickly and efficiently to complete this transaction in the short time scales available.”
Monument Re is a Class E reinsurer that specialises in the acquisition of run-off, closed and asset-intensive insurers.
The reinsurer recently announced plans to acquire Irish insurer Inora Life from Societe Generale, and also completed its acquisition of Dutch insurer Robein Leven N.V. from Amerborgh Financial Services B.V.