Life reinsurance and insurance holding company Monument Re has completed a portfolio transfer from Omega Life.
The Omega Life book was transferred into the Italian Branch of Monument Assurance Luxembourg S.A at the end of December 2020, Monument Re explained.
Omega Life is an Ireland-domiciled life assurance company that has been closed to all new business since July 2017.
Since then, the company has been responsible for managing its existing policies, written on a cross- border basis to the Italian market.
Following the portfolio transfer to Monument Re, Board of Omega Life received authorisation from the Central Bank of Ireland to withdraw the life insurance licence of Omega Life which was completed on 9th of February 2020.
According to the Irish High Court approval of the deal, the portfolio transferred to Monument Assurance Luxembourg will have no changes to the terms and conditions for policyholders.
Monument Re is a life reinsurance and insurance holding company that operates as a reinsurer and acquirer of European asset-intensive portfolios.
The company has an established presence in Bermuda, Ireland, Belgium, Luxembourg, the Netherlands and Guernsey, with branches in Spain, Italy, and Germany.