Monument Re has finalised the acquisition of a closed book portfolio from Integrale Luxembourg S.A., through its Luxembourg subsidiary, Monument Assurance Luxembourg S.A. (MAL).
The transaction encompasses a long-term life insurance business portfolio, which primarily caters to the markets in Luxembourg, the Netherlands, and France. Its terms and conditions remain the same for policyholders following the transfer to MAL, according to a news release.
In the same release, Monument Re said the move aligns with MAL’s broader strategy of expanding its footprint in the European insurance market by integrating legacy guaranteed and linked portfolios from Luxembourg, Italy, and Spain into its existing operations.
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.
The MAL acquisition comes after Monument Re named a new CEO in late 2023.
Carlo Elsinghorst was promoted from group chief financial officer to group chief executive after Manfred Maske stepped down from the role in September.
“Manfred joined Monument Re Group in February 2017, when the company was a relatively new venture,” Jonathan Yates, the firm’s chair, noted in a statement from October. “Over six years of dedicated service, Manfred has played an integral role in creating the market-leading business that it is today.”
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