Monument Re Acquires Portfolio From Rothesay
Monument Re announced that it has entered into an agreement to acquire the €140m portfolio of Irish annuities from Rothesay Life Plc. The acquisition has been structured initially as reinsurance to Monument Re and is expected to be followed by a Part VII transfer of the portfolio to Laguna Life d.a.c., subject to regulatory and court approvals.
Manfred Maske, CEO of Monument Re Group, said: “We are pleased to announce this transaction, subject to regulatory approval, as we continue to deliver on our Ireland consolidation strategy.”
Andrew Stoker, Chief Financial Officer of Rothesay Life, said: “We are pleased to have reached a conclusion in relation to our Irish portfolio which enables us to meet all legal requirements irrespective of the outcome of current Brexit negotiations and thank the team at Monument for working quickly and efficiently to complete this transaction in the short time scales available.”
Monument Re Limited is a Class E reinsurer and Holding Company subject to Group Supervision by the Bermuda Monetary Authority. From its base in Bermuda, Monument Re operates as a reinsurer and acquirer of European asset intensive portfolios.
