Monument Re Acquires Portfolio From Contassur
Monument Re Limited announced today that its Belgian subsidiary Monument Assurance Belgium N.V. has completed the acquisition of a branch 21 closed book classical group life insurance portfolio from Contassur – Contibel Assurances Vie – Contibel Levensverzekeringen SA/NV [Contassur], following receipt of regulatory approval from the National Bank of Belgium.
Koen Depaemelaere, CEO of Monument Assurance Belgium and Carlo Elsinghorst, Group CEO of Monument Re Limited commented, “We are delighted to share that we have completed the acquisition of this portfolio from Contassur, marking another positive step in our consolidation strategy for 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 and Germany.
“Monument Insurance Group Limited is the parent company of the Monument group of companies [the Group or Monument]. Each entity is subject to local regulation and Monument is subject to insurance group supervision by the Bermuda Monetary Authority.”
