Monument Re Acquires Portfolio From Rothesay Life Plc
HAMILTON, Bermuda–(BUSINESS WIRE)–Monument Re announced today 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
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.”
About Rothesay Life
Rothesay Life was established in 2007 and has become one of the leading
providers of regulated insurance solutions in the U.K. market for
pensions de-risking. This strong growth has been achieved through the
steady accumulation of pension scheme clients, significant strategic
acquisitions and the reinsurance of annuity portfolios. Rothesay Life
has assets under management of over £36bn and insures the pensions of
over 770,000 individuals.
The Irish portfolio, which consists of bulk annuities and those which
have transitioned to individual policies, was acquired by Rothesay Life
through the purchase of MetLife Assurance in 2014 who were active
participants in the Irish bulk annuity market.
Rothesay Life is authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential
Regulation Authority. Further information is available at www.rothesaylife.com.
About Monument Re and Monument Insurance
Monument Re Limited (“Monument Re”) 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. Through its strategy,
Monument Re looks to assume asset based risks within its risk appetite
and efficiently operates these businesses or portfolios.
The Irish subsidiaries of Monument Re trade as Monument Insurance, and
includes Laguna Life d.a.c., which is regulated by the Central Bank of
The group of companies has established a presence in Bermuda, Ireland,
Belgium, Luxembourg and the Netherlands.
To learn more, please visit www.monumentregroup.com
or contact Manfred Maske, CEO, firstname.lastname@example.org,
+1 (441) 400-9300.
Manfred Maske, CEO, +1 (441) 400-9300
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