Monument Re, the life reinsurance and insurance holding company, has announced the acquisition of Bermuda-based annuity and life risks focused GreyCastle Holdings Ltd and its subsidiaries.
The subsidiaries include GreyCastle Life Reinsurance (SAC) Ltd and GreyCastle Services, and Monument Re has reached an agreement to acquire the firm from the shareholders of GreyCastle Holdings Ltd.
Domiciled in Bermuda, GreyCastle has a focus on managing a portfolio of annuity and life risks, and was established in 2014 by a group of institutional investors in order to provide reinsurance for a significant block of XL Life Reinsurance life and annuity risks.
The Chief Executive Officer (CEO) of Monument Re, Manfred Maske, commented: “This transaction represents a significant strategic milestone for Monument Re and is especially pleasing given the challenge of current conditions arising from the Coronavirus. We look forward to welcoming the GreyCastle team to the Monument Group as we continue growing our business internationally.”
Andrew Cook, CEO of GreyCastle, added: “We are very excited to be joining forces with Monument Re and look forward to being part of their strategic plans.”
The transaction remains subject to regulatory approvals and other customary closing conditions.
