Life re/insurance holding company Monument Re’s Irish subsidiary, Monument Life Insurance, has completed the acquisition of a closed-block portfolio of variable annuities from Athora Ireland, a wholly-owned subsidiary of Athora Holding.
The acquisition was first announced in March last year, with the portfolio has been in run-off since 2017. Financial terms of the transaction were not disclosed.
In accordance with the approval of the Irish High Court, the portfolio has transferred to Monument Life Insurance DAC with unchanged terms and conditions for policyholders.
“We are pleased to have reached agreement with Athora to acquire this block of business which further reinforces our position as the market leading consolidator in Ireland,” said Manfred Maske, Chief Executive Officer of Monument Re.