HAMILTON, Bermuda–(BUSINESS WIRE)–#International–Monument Re announced today that its Luxembourg subsidiary Monument Assurance Luxembourg S.A. (“MAL”) completed the transfer of the closed book portfolio of long term life insurance business from Integrale Luxembourg S.A. The portfolio serves mainly the Luxembourgish, Dutch and French markets, and is strategically aligned to MAL’s existing business model. The portfolio was transferred to MAL with unchanged terms and conditions for policyholders.
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Monument Re Limited is a reinsurer and asset consolidator with a proven track record in the acquisition and operation of portfolios or direct insurers in Europe. Monument Re is present in Bermuda which is subject to requirements equivalent 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 Singapore, Spain, Italy and Germany. Each entity is subject to local regulation and the Monument Re Group is subject to Group Supervision by the Bermuda Monetary Authority.
Monument Assurance Luxembourg S.A. is a fully licensed Luxembourg life insurance company regulated by the Commissariat aux Assurances, with branches in Spain, Italy, and Germany. Its strategy is to acquire, by portfolio transfer or outright purchase, legacy guaranteed and linked portfolios in Luxembourg, Italy and Spain.
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