Monument Re has announced that AME Life Lux S.A. will merge into its subsidiary, Monument Assurance Luxembourg S.A. following receipt of regulatory approval from the Commissariat aux Assurances.
Following this merger, Monument Assurance Luxembourg S.A. will be the sole Monument Luxembourg entity.
The acquisition of AME Life Lux S.A. was completed in February. Financial terms of the transaction have not been disclosed.
Monument Re has a presence in Bermuda which has full Solvency II equivalence along with Switzerland.
The Monument Re Group also operates through its subsidiaries in Belgium, Ireland, Isle of Man, Guernsey and Luxembourg, with branches in Spain, Italy and Germany.
Its subsidiary, Monument Assurance Luxembourg S.A., is a fully licensed Luxembourg life insurance company regulated by the Commissariat aux Assurances, with branches in Spain, Italy, and Germany.