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.