Monument Life Insurance DAC, a wholly owned Irish company of reinsurer and consolidator Monument Re Limited, has completed its purchase of a closed-block portfolio of variable annuities from Athora Ireland Plc.
In a release, Monument Re said the acquired portfolio has been in run-off since 2017. The parent firm, however, did not disclose financial terms of the deal with the Athora Holding Ltd subsidiary.
“In accordance with the approval of the Irish High Court, the portfolio has transferred to Monument Life Insurance DAC with unchanged terms and conditions for policyholders,” stated Monument Re, previous acquisitions of which include Charles Taylor Group’s Isle of Man life and investment operations.
When the Athora transaction was first announced in March 2021, it was noted that the block of business being acquired “further reinforces” Monument Re’s position as the leading consolidator in Ireland.
The life reinsurance and insurance holding company is present in Bermuda, Ireland, Belgium, Luxembourg, the Netherlands, the Isle of Man, and Guernsey, and has branches in Spain, Italy, and Germany. Subject to group supervision by the Bermuda Monetary Authority, Monument Re operates as an acquirer of European asset-intensive portfolios.