Bermudian-domiciled Monument Re Group, the reinsurer and asset consolidator, has reached agreement with Zurich International Life Limited to acquire the closed book portfolio of ZILL’s Singapore long term life insurance business.

Following Isle of Man-based Monument International Life Assurance Company Limited successfully receiving a Singapore insurance licence on May 27, the ZILL Singapore branch portfolio and employees will transfer into the new Singapore branch of MILAC upon receipt of court and regulatory approvals in the Isle of Man and Singapore.

Manfred Maske, CEO of Monument Re, said: “We are pleased to have reached agreement with ZILL to acquire this block of business, our second transaction with the wider Zurich group.

“This transaction represents an important step in the Monument growth and consolidation strategy by strengthening our presence in the Isle of Man whilst also establishing our presence in the Singapore market.”

Jeffrey More, CEO of MILAC, said: “We are delighted to have reached this agreement with ZILL.

“Acquiring this portfolio allows MILAC to secure its first footprint into the Asian market and execute our growth and consolidation strategy.

“We look forward to welcoming the transferring staff in Singapore to MILAC and the wider Monument Re Group from the transfer date.”

Reginald Peacock, CEO of Zurich Singapore, said: “Like in any business, we will always look for ways to improve and for opportunities to optimise our business in a respectful way for our customers, partners and employees.

“Be reassured no other business outside of our Singapore long term life insurance portfolio will be materially impacted and we remain dedicated to servicing all our existing customers and partners.”