Monument Re Limited, a life insurance reinsurer and insurance holding company, has completed the transfer of a legacy €1.4 billion reinsurance portfolio, comprising annuity and other life insurance liabilities from its 2020 Greycastle acquisition, to RGA Americas Reinsurance Company, Ltd..
Completed on May 2, the transaction releases capital resources that Monument will redirect to its core strategy of consolidation in European life insurance markets.
This move follows recent steps by Monument to bolster its operations, including consolidating European support functions in Dublin and aligning with Bermuda’s strengthened regulatory framework.
Monument Re Group CEO Carlo Elsinghorst stated that RGA’s “stellar track record” made them the ideal partner and highlighted the “solid relationship” built between the terms.
He also emphasised the focus on a “smooth transition process for the benefit of policyholders”. Elsinghorst added that the transaction enhances Monument’s “financial flexibility” and capacity to pursue its “market leading, solutions-focused transaction capabilities.”
Emma Ferris, Senior Vice President, Managing Director, RGA UK & Ireland, added: “We are delighted to have partnered with Monument Re Group on this transaction, and it was a pleasure to work with their team.
“This transaction highlights RGA’s ability to execute on significant in-force opportunities, and to provide innovative solutions to address the evolving needs of our clients.”
Citi and Fenchurch Advisory served as financial advisers for Monument on the transaction.
