Life insurance and reinsurance holding company Monument Re has announced that its Luxembourg subsidiary Monument Assurance Luxembourg S.A. (MAL), has reached an agreement with Integrale Luxembourg to acquire its closed book portfolio of long term life insurance business.
Intergrale Luxembourg’s portfolio serves mainly the Luxembourgish, Dutch and French markets, and is strategically aligned to MAL’s existing business model.
Under the acquisition, the portfolio and its employees will transfer into Monument’s Luxembourg operations upon receipt of all necessary regulatory approvals from the Bermuda Monetary Authority (BMA) and the Commissariat aux Assurances (CAA).
In November 2022, Monument Re, through its Belgian subsidiary Monument Assurance Belgium (MAB) completed the acquisition of a run-off life insurance portfolio with BEGAAP provisions of €2.6 billion from AXA Belgium.
Additionally, in June 2022, Monument Re also acquired the closed book portfolio of Zurich International Life Limited’s Singapore long term life insurance business.
