Monument Re has 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.
The deal was first announced in April 2018 and saw Monument Re take over the portfolio via its wholly owned Irish subsidiary Laguna Life DAC.
The portfolio was transferred as of 28 September with no changes to the terms and conditions in accordance with the authorisation by the National Bank of Belgium.
This is with the exception of the loss of the €100,000 state savings guarantee in Belgium, where Ethias is headquartered, as Ireland has no equivalent system of guarantee.
Laguna Life DAC is also offering a final opportunity to all transferred policyholders to surrender their FIRST Account with a bonus.
Manfred Maske, Chief Executive Officer (CEO) of Monument Re Group, and Kieran Hayes, CEO of Monument Insurance, commented: “We are pleased to announce the completion of the cross-border transfer of the FIRST A portfolio into Laguna Life DAC.”
“Our Ireland and Benelux consolidation strategy has real momentum and we are looking forward to continued growth,” Maske and Hayes added. “It has been a pleasure to work with Ethias throughout this transaction.”