Monument Re Limited, a Bermuda Class E reinsurer that specialises in acquisitions of run-off, closed and asset-intensive insurers, has acquired a Belgian life insurance focused run-off vehicle featuring the ABN AMRO portfolio of business.
Monument Re has acquired Benelux Life Run-Off SCS, which includes the run-off vehicles acquisition of ABN AMRO Life Capital Belgium N.V., the Belgian life insurance subsidiary of ABN AMRO.
Benelux Life Run-Off SCS was set up by Acathia Capital, an investment firm with a track record in insurance run-off, both in life and non-life, as the first run-off platform for life insurance companies and life insurance portfolios based in Belgium. The ABN AMRO book was the first acquisition made by the run-off vehicle.
Monument Re now takes ownership of Benelux Life Run-Off SCS and, as its strategy, intends to unlock further potential in the company as it operates in the Belgian market.
This is Monument Re’s first acquisition in Continental Europe, having already been active in Ireland where it acquired Laguna Life DAC, the Irish life assurance operations of Enstar Group, recently.
Manfred Maske, Group CEO for Monument Re, commented on the transaction; “We have identified the combined Belgian and Luxembourg market as one of our strategic priorities and, through this transaction, we will establish our presence. AALCB will provide a sound platform for further acquisitions of run-off portfolios and entities.”
Thomas Schmitt, managing Partner of Acathia Capital, added; “We are proud of having established the first life run-off platform in Belgium and initiating its first acquisition, after an earlier similar success in the German market. Through this transaction, we also secure that under Monument Re stewardship AALCB will be well positioned to fully capture the potential of future opportunities in the Belgian market.”
