Monument Re Completes Portfolio Transfer and Subsequent Delicencing of Omega Life

HAMILTON, Bermuda--(BUSINESS WIRE)--Monument Re announced today that it completed the portfolio transfer of the Omega Life book into the Italian Branch of Monument Assurance Luxembourg S.A at the end of December 2020. In accordance with the approval of the Irish High Court, the portfolio transferred to Monument Assurance Luxembourg with unchanged terms and conditions for policyholders.

The Board of Omega Life subsequently received authorisation from the Central Bank of Ireland to withdraw the life insurance licence of Omega Life which was completed on 9^th of February 2020.

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Monument Re Limited is a life Reinsurance and Insurance Holding Company that operates as a reinsurer and acquirer of European asset-intensive portfolios. Through this strategy, Monument Re assumes asset-based risks within its risk appetite and efficiently operates these businesses or portfolios.

Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.

Monument Assurance Luxembourg S.A. (‘MAL’) is a fully licensed Luxembourg Insurance company regulated by the Commissariat aux Assurances. Its strategy is to acquire, by portfolio transfer or outright purchase, legacy guaranteed and / or linked portfolios in Luxembourg, Italy and Spain.

The Monument Group of companies has established a presence in Bermuda, Ireland, Belgium, Luxembourg, the Netherlands and Guernsey, with branches in Spain, Italy, and Germany.