Monument Re to acquire GreyCastle – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

Monument Re to acquire GreyCastle

Life reinsurance and insurance holding company Monument Re Ltd has announced the signing of an agreement to acquire GreyCastle Holdings Ltd and its subsidiaries, including GreyCastle Life Reinsurance (SAC) Ltd and GreyCastle Services.

GreyCastle is domiciled in Bermuda and is focused on managing a portfolio of annuity and life risks, Monument Re said.

Manfred Maske, chief executive officer of Monument Re Group, said: “This transaction represents a significant strategic milestone for Monument Re and is especially pleasing given the challenge of current conditions arising from the coronavirus. We look forward to welcoming the GreyCastle team to the Monument Group as we continue growing our business internationally.”

Andrew Cook, CEO of GreyCastle, said: “We are very excited to be joining forces with Monument Re and look forward to being part of their strategic plans.”

Change of control of the company will follow satisfaction of customary closing conditions, including receipt of regulatory approvals, Monument Re said.

GreyCastle was founded in 2014 by a group of institutional investors to reinsure a significant block of XL Life Reinsurance life and annuity risks.

Monument Re Ltd has a presence in Bermuda, Ireland, Belgium, Luxembourg, the Netherlands and Guernsey and branches in Spain, Italy, France and Germany.

Monument Re operates as a reinsurer and acquirer of European asset intensive portfolios and is subject to group supervision by the Bermuda Monetary Authority, the company said.

Manfred Maske, chief executive officer of Monument Re Group (File photograph)

You must be Registered or to post comment or to vote.

Published March 30, 2020 at 9:00 am (Updated March 29, 2020 at 5:51 pm)

Monument Re to acquire GreyCastle

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon