Bermuda-based Monument Re has agreed to acquire the full ownership of Aspecta Assurance International Luxembourg, a life insurance undertaking based in Luxembourg with branches in Germany, Italy and Spain.
Financial details about the acquisition, which is subject to regulatory approvals and satisfaction of closing conditions, were not disclosed.
The agreement includes Aspecta’s 25% interest in Quality Insurance Services Luxembourg, the principal service provider to Aspecta.
Aspecta, which was incorporated in 2000 as a 100% subsidiary of Talanx Group, has been closed to new business since December 2010.
The company specializes in unit-linked single premium products that are targeted for high net-worth individuals along with unit-linked regular premium products for the retail market.
Monument Re Group CEO Manfred Maske 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.”
Aspecta is Monument Re’s first purchase in Luxembourg and second in Continental Europe. Earlier in September 2017, it acquired stake in ABN Amro Life Capital Belgium.
Monument Re was established in 2016 and is licensed by the Bermuda Monetary Authority as a Class E reinsurer.