Monument Re Acquires Portfolio From Federale
Monument Re announced today that its Belgian subsidiary Monument Assurance Belgium has completed the acquisition of a run-off block of retail life policies, annuities and associated assets from Federale Verzekering [Federale].
Koen Depaemelaere, CEO of Monument Assurance Belgium stated that “We are pleased to have completed this transaction with Federale as it represents a positive continuation of our consolidation strategy in Belgium”.
The spokesperson said, “Monument Assurance Belgium is a Belgian life assurance company regulated by the National Bank of Belgium. Monument Assurance Belgium is a member of the Monument Re Group and has established itself as the leading consolidator of life insurance and pension portfolios in Belgium.
“Monument Re Limited is a life insurance reinsurer and insurance holding company with a proven track record in acquiring capital-intensive European portfolios. Monument Re is present in Bermuda which, like Switzerland, is subject to requirements comparable to Solvency II in Europe. The Monument Re Group also operates through its subsidiaries in Belgium, Ireland, Isle of Man and Luxembourg, with branches in Spain, Italy, Guernsey, Singapore and Germany. Each entity is subject to local regulation and Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.”
