Monument Re subsidiary acquires life insurance company
A subsidiary of Bermudian-based holding company Monument Re Ltd has acquired a life insurance company with a market presence in Luxembourg, Belgium and Italy.
Monument Assurance Luxembourg will acquire AME Life Luxembourg from French mutual insurance group Covéa, subject to necessary regulatory approval.
Monument Re said AMELL is a well-established Luxembourg-based life insurance company.
Financial terms of the transaction were not disclosed.
Monument Re said the transaction will have no impact on AMELL clients and policyholders.
Manfred Maske, chief executive officer of Monument Re, said: “We are pleased to have reached agreement with Covéa to acquire its subsidiary AMELL. This transaction represents an important step in our consolidation strategy by further strengthening our presence in Luxembourg.”
Monument Re said change of control of the company will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.
Re/insurer and asset consolidator Monument Re has a presence in Bermuda. The Monument Re Group also operates through its subsidiaries in Ireland, Belgium, Luxembourg, the Netherlands, the Isle of Man and Guernsey, with branches in Spain, Italy, and Germany.
Monument Re is subject to group supervision by the Bermuda Monetary Authority.