HAMILTON, Bermuda--(BUSINESS WIRE)--Monument Re Limited (“Monument Re”) announced today, that, subject to regulatory approval, it has acquired full ownership of Aspecta Assurance International Luxembourg S.A. (“Aspecta”).
Aspecta, a life insurance undertaking based in Luxembourg with branches in Germany, Italy and Spain, was incorporated in 2000 as a 100% subsidiary of Talanx Group. Since 31st December 2010 it has been closed to new business. Aspecta specialised in unit-linked single premium products targeted towards high net-worth individuals as well as in unit-linked regular premium products for the retail market.
This is Monument Re’s first acquisition in Luxembourg, (and second in Continental Europe) and is in line with its strategy to acquire portfolios or insurers in Europe and operate these businesses in a capital efficient manner. This acquisition also includes Aspecta’s 25% stake in Quality Insurance Services Luxembourg S.à r.l., the principal service provider to Aspecta.
Manfred Maske, Group CEO for Monument Re said, “A key goal continues to be the development and growth of our Benelux platform. The acquisition of Aspecta Assurance International Luxembourg S.A. is an important foundational step in fulfilling our Benelux strategy with further acquisitions of run-off portfolios and entities anticipated. We welcome our new colleagues and look forward to working together to continue building our business.”
Completion will follow receipt of regulatory approvals and satisfaction of closing conditions.
About Monument Re
Monument Re Limited (“Monument Re”) was established in 2016 and is licensed by the Bermuda Monetary Authority as a Class E reinsurer. Monument Re acts as a reinsurer and acquirer of asset-intensive European insurers looking to improve their capital efficiency through a strategy of reinsurance and/or acquisition.