Monument Re has reached an agreement to acquire the closed book portfolio of Zurich International Life’s Singapore long-term life insurance business.
This comes after Monument International Life Assurance Company (MILAC) received a Singapore insurance licence on May 27. Upon receipt of court and regulatory approvals in the Isle of Man and Singapore, the portfolio and employees of Zurich International Life in Singapore will transfer to MILAC’s new Singapore branch.
“Like in any business, we will always look for ways to improve and for opportunities to optimise our business in a respectful way for our customers, partners and employees,” said Reginald Peacock, CEO of Zurich Singapore. “Be reassured no other business outside of our Singapore long-term life insurance portfolio will be materially impacted and we remain dedicated to servicing all our existing customers and partners.”
MILAC is an Isle of Man-based insurance company regulated by the Isle of Man Financial Services Authority and 100% owned by Monument Re. It has a Singapore branch for its Isle of Man business, making it subject to regulation both in the Isle of Man and Singapore.
“We are delighted to have reached this agreement with Zurich International Life,” said Jeffrey More, CEO of MILAC. “Acquiring this portfolio allows MILAC to secure its first footprint into the Asian market and execute our growth and consolidation strategy. We look forward to welcoming the transferring staff in Singapore to MILAC and the wider Monument Re Group from the transfer date.”
