Bermudian reinsurer Monument Re has announced the acquisition of a run-off portfolio of traditional life and credit life business from Belgian composite insurer Alpha Insurance S.A., a wholly owned subsidiary of Enstar Group Limited.
Monument Re said that the portfolio would be transferred to its Belgian carrier, Monument Assurance Belgium NV, upon receipt of the necessary regulatory approvals.
“This acquisition marks our second transaction in Belgium and is an excellent bolt-on portfolio for Monument Assurance Belgium,” said Manfred Maske, Chief Executive Officer (CEO) of Monument Re Group.
“As part of our insurance strategy, we view Belgium as a key life consolidation market for Monument Re and anticipate increasing levels of transaction activity, especially in medium sized portfolios requiring capital solutions,” Maske added.
This transaction with Alpha represents Monument Re’s eighth acquisition in Europe, and comes just a month after the completion of its acquisition of Aspecta Assurance International Luxembourg S.A., and of a run-off life portfolio from Belgian insurer Ethias S.A.
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 market.