Monument Re acquires portfolio from Zurich Life Assurance
Bermudian-based Monument Re Ltd has announced that Monument Life Insurance d.a.c has completed the acquisition of a portfolio of unit-linked international portfolio bond policies from Zurich Life Assurance plc.
Terms of the transaction were not disclosed.
In accordance with the approval of the Irish High Court, the portfolio has transferred, as of November 30, to Monument Life Insurance d.a.c in Ireland with unchanged terms and conditions for policyholders, the company said.
Monument Re is a life reinsurance and insurance holding company that operates as a reinsurer and acquirer of European asset-intensive portfolios. It is subject to group supervision by the Bermuda Monetary Authority.
The Irish subsidiaries of Monument Re trade as Monument Life Insurance d.a.c.
In addition to Bermuda, the Monument group of companies has established a presence in Ireland, Belgium, Luxembourg, the Netherlands and Guernsey, with branches in Spain, Italy, and Germany.