AME Life Lux SA will merge into Monument Assurance Luxembourg SA after receipt of regulatory approval from the Commissariat aux Assurances in Luxembourg.

Bermudian-domiciled Monument Re Limited announced yesterday that Monument Assurance Luxembourg SA will be the sole Monument Luxembourg entity after the merger.

A subsidiary of Monument Re completed the acquisition of AME Life Lux SA (Amell) from French mutual insurance group Covéa in February.

“Monument Re Limited is a reinsurer and asset consolidator with a proven track record in the acquisition and operation of portfolios or direct insurers in Europe,” a company spokesman said.

Monument Re has a presence in Bermuda which has full solvency II equivalence along with Switzerland. The Monument Re Group also operates through its subsidiaries in Belgium, Ireland, the Isle of Man, Guernsey and Luxembourg, with branches in Spain, Italy and Germany. Each entity is subject to local regulation and Monument Re is subject to group supervision by the Bermuda Monetary Authority.

Monument Assurance Luxembourg SA is a fully licensed Luxembourg life insurance company regulated by the Commissariat aux Assurances, with branches in Spain, Italy, and Germany. Its strategy is to acquire, by portfolio transfer or outright purchase, legacy guaranteed and linked portfolios in Luxembourg, Italy and Spain.