Monument Re Limited announced that its Belgian subsidiary, Monument Assurance Belgium NV, has completed the acquisition of a branch 21 closed book classical group life insurance portfolio from Contassur – Contibel Assurances Vie – Contibel Levensverzekeringen SA/NV, following regulatory approval from the National Bank of Belgium.
Koen Depaemelaere, CEO of Monument Assurance Belgium, and Carlo Elsinghorst (pictured above), Group CEO of Monument Re Limited, stated that the acquisition marks another step in Monument's consolidation strategy for Belgium.
Monument Assurance Belgium is regulated by the National Bank of Belgium and is part of the Monument Re Group. The company is known as a leading consolidator of life insurance and pension portfolios in Belgium.
Monument Re Limited, on the other hand, is a life insurance reinsurer and holding company with a track record in acquiring capital-intensive European portfolios. Monument Re operates in Bermuda, which, like Switzerland, adheres to requirements comparable to Solvency II in Europe.
The Monument Re Group also operates through its subsidiaries in Belgium, Ireland, the 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. Each entity is subject to local regulation, and the group is supervised by the Bermuda Monetary Authority.
Earlier this year, the firm also finalized the acquisition of a closed book portfolio from Integrale Luxembourg S.A., through its Luxembourg subsidiary, Monument Assurance Luxembourg SA (MAL).
The transaction encompasses a long-term life insurance business portfolio, which primarily caters to the markets in Luxembourg, the Netherlands, and France. As a fully licensed life insurance company in Luxembourg, MAL operates under the regulatory oversight of the Commissariat aux Assurances. It also has branches in Spain, Italy, and Germany.
In late 2023, the company named a new CEO with the promotion of Carlo Elsinghorst.
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