Monument Re has announced that its Luxembourg subsidiary, Monument Assurance Luxembourg S.A., has completed the acquisition of AME Life Lux S.A. (AMELL) from Covéa.
First announced in May 2021, the transaction received regulatory approval from the Commissariat aux Assurances.
AMELL is a Luxembourg-based life insurance company that also maintains a market presence in Belgium.
The transaction’s financial terms were not disclosed but the takeover will have no impact on AMELL clients and policyholders.
Monument Re is a life re/insurer with a presence in Bermuda, Ireland, Belgium, Luxembourg, the Netherlands, the Isle of Man and Guernsey, with branches in Spain, Italy and Germany.
Monument Re operates as a reinsurer and acquirer of European asset-intensive portfolios, assuming asset-based risks within its risk appetite and then operating these businesses or portfolios.
Its subsidiary, Monument Assurance Luxembourg S.A., is a fully licensed Luxembourg life insurance company regulated by the Commissariat aux Assurances, with branches in Spain, Italy, and Germany.
Its strategy is to acquire, by portfolio transfer or outright purchase, legacy guaranteed and linked portfolios in Luxembourg, Italy and Spain.