Bermudian reinsurer Monument Re has announced the completion of its acquisition of Nordben Life and Pension Insurance Co. Limited.
Nordben is a Guernsey-based company licensed to carry out long-term and general insurance business, which has been closed to all new business since early 2016.
Monument Re took over the business from its previous owner BenCo Insurance Holding B.V., after receiving regulatory approval from the Guernsey Financial Services Commission (GFSC).
Manfred Maske, Chief Executive Officer (CEO) of Monument Re Group, commented on the deal: “The completion of this transaction positions the Monument Group well in executing its strategy in the Crown Dependencies.”
Monument Re is a Bermuda Class E reinsurer that specialises in the acquisition of run-off, closed and asset-intensive insurers, primarily in the European marketplace.
Terms of the transaction were not disclosed.