HAMILTON, Bermuda--(BUSINESS WIRE)--Monument Re announced today that, subject to regulatory approval, it has acquired a run-off portfolio of traditional life and credit life business from Alpha Insurance S.A., a Belgian composite insurance company and a wholly-owned subsidiary of Enstar Group Limited. Upon receipt of regulatory approvals, the portfolio will transfer to Monument Assurance Belgium NV, the Belgian carrier of the Monument Re Group.
Manfred Maske, CEO of Monument Re Group, said that “This acquisition marks our second transaction in Belgium and is an excellent bolt-on portfolio for Monument Assurance Belgium. As part of our insurance strategy, we view Belgium as a key life consolidation market for Monument Re and anticipate increasing levels of transaction activity, especially in medium sized portfolios requiring capital solutions.”
Alpha represents Monument Re’s eighth acquisition in Europe. Transfer of the portfolio will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.
About Alpha Insurance S.A.
Alpha Insurance S.A., formerly “Nationale Suisse Belgium”, is a Belgian composite insurance company authorised by the National Bank of Belgium. Alpha Insurance S.A. is a wholly-owned subsidiary of Enstar Group Limited (Nasdaq: ESGR).
About Monument Re and Monument Assurance Belgium
Monument Re Limited (“Monument Re”) is a Class E reinsurer and Holding Company subject to Group Supervision by the Bermuda Monetary Authority. Monument Re is a Bermuda based reinsurer established to operate as an asset intensive reinsurer and acquirer principally in Europe.
Monument Assurance Belgium is a part of the Monument Re Group and operates as a closed book consolidator of life portfolios in Belgium under the supervision of the National Bank of Belgium.
To learn more, please visit www.monumentregroup.com.