Monument Re has announced that it plans to acquire Inora Life DAC, a life insurer domiciled in Ireland, from its owner Societe Generale.
Inora Life has ceased all new activity since 2012, but still manages a portfolio of unit-linked insurance products.
The transaction, which remains subject to regulatory approval, will have no impact on Inora Life DAC clients and policyholders, Monument Re explained.
“We are pleased to have been able to work with Societe Generale and to be able to announce this transaction,” said Manfred Maske, Chief Executive Officer (CEO) of Monument Re Group .
“The acquisition of Inora aligns with our growth and consolidation strategy in Ireland,” he added.
Change of control of Inora Life will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.
Monument Re is a Class E reinsurer that specialises in the acquisition of run-off, closed and asset-intensive insurers.
The latest announcement follows the completion of Monument Re’s acquisition of Dutch insurer Robein Leven N.V. from Amerborgh Financial Services B.V.
Other recent deals include the acquisition of run-off portfolios from Belgian insurers Ethias S.A and Alpha Insurance S.A., a wholly owned subsidiary of Enstar Group Limited.
