Monument Re, a Bermuda Class E reinsurer that specialises in the acquisition of run-off, closed and asset-intensive insurers, has completed its previously announced acquisition of Aspecta Assurance International Luxembourg S.A.
Aspecta, which has now been renamed as Monument Assurance Luxembourg, is a life insurance undertaking based in Luxembourg with branches in Germany, Italy and Spain.
The transaction also included Aspecta’s 25% stake in Quality Insurance Services Luxembourg S.à r.l., the principal service provider to Aspecta.
“We are pleased to announce the regulatory approval from the Commissariat aux Assurances and the completion of our acquisition of Aspecta in Luxembourg,” said Manfred Maske, Chief Executive Officer (CEO) of Monument Re Group.
“With this platform for consolidation of run-off portfolios or entities established in Luxembourg, we look forward to further growth,” Maske added.
Monument Re also recently announced the completion of its acquisition of a run-off portfolio of flexible premium retail life insurance contracts from Belgian insurer Ethias S.A, known as the FIRST A Portfolio.