Monument Re has acquired Laguna Life DAC, the Irish life assurance operations of Enstar Group, subject to regulatory approval and satisfaction of closing conditions.
The Class I Life assurance insurer, Laguna, was placed into run-off in November 2009 and became part of Enstar in 2011 prior to its acquisition.
Manfred Maske, Group CEO of Monument Re commented; “This acquisition is a continuation of a key part of our strategy to enable global insurers to operate more effectively in rapidly changing markets.
“It further benefits customers and staff with increased scale through consolidation into our growing platform in Ireland.”
The sum of the purchase is undisclosed.
Upon completion of the purchase, Monument Re transferred Laguna into its Irish subsidiary Monument Assurance DAC , as part of the firm’s strategy of acquiring and consolidating books of life assurance operations in the European market and reinsuring asset-intensive business lines such as pension annuities-in-payment.
