Monument Re, a Bermuda Class E reinsurer that specialises in acquisitions of run-off, closed and asset-intensive insurers, has completed the acquisition of ABN AMRO Life Capital Belgium (AALCB) following receipt of regulatory approval by the National Bank of Belgium.
AALCB has now been renamed Monument Assurance Belgium N.V.
Manfred Maske, Group Chief Executive Officer of Monument Re said; “we are pleased to announce the regulatory approval of the National Bank of Belgium and the completion of the acquisition of AALCB in Belgium. With our Belgian platform for consolidation of run-off portfolios or entities established, we look forward to further growth.”
Monument Re had announced plans to acquire the Belgian life insurance focused run-off vehicle featuring the ABN AMRO portfolio of business in September last year.
The transaction represents 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.
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 is the sole investor in and has full ownership of Benelux Life Run-Off SCS and AALCB and aims to further unlock the potential of the company in the Belgian market.
Thomas Schmitt, Managing Partner of Acathia Capital, commented, “After having already implemented a life run-off platform in Germany, this success demonstrates that the business model life run-off also works in other Continental European markets. It adds further to Acathia’s unique track record of providing trouble-free exit solutions to insurers with maximum transaction certainty.”