Monument Re’s Isle of Man subsidiary, Monument International Life Assurance Company Limited (MILAC) has completed its acquisition of the closed book portfolio of Zurich International Life Limited’s (ZILL) Singapore long term life insurance business.
The ZILL Singapore branch portfolio and employees have transferred into the Singapore branch of MILAC following receipt of court and regulatory approvals in the Isle of Man and Singapore.
Talks of the transaction were first announced in June 2022.
MILAC is an Isle of Man insurance company regulated by the Isle of Man Financial Services Authority and wholly owned by Monument Re Limited.
Through its branch in Singapore, MILAC is authorised to conduct life insurance and continue seeking growth through acquisition.
Earlier this month, it was announced that Monument Re, through its Belgian subsidiary, Monument Assurance Belgium (MAB) had completed the acquisition of a run-off life insurance portfolio with BEGAAP provisions of €2.6 billion from AXA Belgium.
Furthermore, Monument Re announced in October 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.
