HAMILTON, Bermuda--(BUSINESS WIRE)--Monument Re announced today that, subject to regulatory approval, it has signed an agreement to acquire GreyCastle Holdings Ltd (‘GreyCastle’) and its subsidiaries, which include GreyCastle Life Reinsurance (SAC) Ltd and GreyCastle Services, from the shareholders of GreyCastle Holdings Ltd. GreyCastle is domiciled in Bermuda and is focused on managing a portfolio of annuity and life risks.
Manfred Maske, CEO of Monument Re Group, said that, “This transaction represents a significant strategic milestone for Monument Re and is especially pleasing given the challenge of current conditions arising from the Coronavirus. We look forward to welcoming the GreyCastle team to the Monument Group as we continue growing our business internationally.”
Andrew Cook, CEO of GreyCastle said that: “We are very excited to be joining forces with Monument Re and look forward to being part of their strategic plans.”
Change of control of the company will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.
GreyCastle was founded in 2014 by a group of institutional investors to reinsure a significant block of XL Life Reinsurance life and annuity risks.
About Monument Re
Monument Re Ltd is a life Reinsurance and Insurance Holding Company with presence in Bermuda, Ireland, Belgium, Luxembourg, the Netherlands and Guernsey and branches in Spain, Italy, France and Germany. Monument Re operates as a reinsurer and acquirer of European asset intensive portfolios. Through its strategy, Monument Re looks to assume asset-based risks within its risk appetite and efficiently operate these businesses or portfolios.
Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.