Bermuda-based insurance companies Allianz and Monument Re have completed the sale of part of Allianz’s closed life book portfolio in Belgium.

The sale concerns around 90,000 policies to Monument Assurance Belgium NV that are part of its closed classical life retail insurance book together with the covering assets including mortgages. Terms were not disclosed.

“We are happy to finalise this transaction,” Kathleen Van den Eynde, chief executive officer of Allianz Belgium said. “It is an important step in successfully executing our life strategy to move to modern capital light insurance products, mainly Branch 23.”

Branch 23 is a type of life insurance policy tied to an investment fund in Belgium.

“We look forward to welcoming the policyholders to Monument and would like to take the opportunity to assure them of our commitment to maintaining the high quality service and security that they have enjoyed at Allianz,” Monument Assurance Belgium CEO Koen Depaemelaere said.

He said following earlier acquisitions of four other Belgian portfolios this transaction with Allianz helped them to substantially increase scale and confirms Monument Assurance’s position as a leading consolidator in the Belgian market.

Allianz will continue serving the portfolio until 2022 to secure a seamless transfer for its clients and broker partners.

The transaction has been approved by the Belgian regulator effective today. It follows the announcement released in August 2020: Allianz Benelux and Monument Re announce closed book portfolio transaction.