Life insurance and reinsurance holding company, Monument Re, through its subsidiary Monument Assurance Belgium (MAB), and AXA Belgium have reached an agreement for the transfer of a run-off life insurance portfolio with BEGAAP provisions of €2.6 billion.
MAB is Belgian life assurance firm regulated by the National Bank of Belgium.
The carrier is a member of the Monument Re Group and has established itself as a leading consolidator of life insurance and pension portfolios in the country.
“We are pleased to announce this transaction that confirms Monument Assurance’s position as the leading consolidator in the Belgian market. It has been a pleasure to work with the AXA Belgium team,” said Koen Depaemelaere, Chief Executive Officer (CEO) of MAB.
“We look forward to welcoming the policyholders to Monument and would like to take the opportunity to assure them of our commitment to maintaining the high-quality service and security that they have enjoyed at AXA Belgium,” he continued.
Manfred Maske, CEO of Monument Re Group and Chairman of MAB, added: “After the closing of the deal with Integrale last week, we are delighted to announce this transaction which fits perfectly with Monument’s consolidation strategy and confirms Belgium as a key target market for us.
“Following earlier acquisitions of six other Belgian portfolios this transaction with AXA Belgium continues that trajectory and affirms MAB’s position as the leading consolidator in the Belgian market.”