Bermuda-based reinsurer Monument Re has completed its previously announced acquisition of a run-off portfolio of traditional life and credit life business from Enstar Group Limited subsidiary, Alpha Insurance S.A.
Monument Re’s European subsidiary, Monument Assurance Belgium NV has now completed the acquisition of Alpha Insurance S.A., following the receipt of regulatory approval from the National Bank of Belgium.
The run-off portfolio transfer into Monument Assurance Belgium is made effective May 31st, 2019, with the policy terms and conditions unchanged from the initial announcement towards the end of November, 2018.
Monument Re is a Bermuda Class E reinsurer that specialises in the acquisition of run-off, closed and asset-intensive insurers, primarily in the European marketplace. The completion of its deal with Alpha Insurance is the firm’s eighth in Europe.
Terms of the transaction were not disclosed.