Monument Re Completes the Closing of the Acquisition of the Insurance Portfolio of the Insurance Company Integrale
16.12.2021 15:09:00 EET | Business Wire | Press release
Monument Re through its subsidiary Monument Assurance Belgium (MAB) has completed the Closing of the acquisition of the entire insurance portfolio and personnel of Integrale. All the preconditions for the conclusion of this transaction have therefore been fulfilled. This acquisition which fits perfectly with Monument Re’s growth strategy is good news for policyholders who will be able to benefit from the continuity of professional services. Integrale's staff will transfer into the Monument Group and be able to enjoy the advantages associated with a growing insurance company in Belgium and beyond.
On 15th December, Monument Re completed the Closing of the acquisition of Integrale's entire insurance portfolio and personnel. This means that the relevant assets and liabilities of Integrale's balance sheet were transferred to Monument Re’s Belgian subsidiary MAB. This is excellent news for both the policyholders who are now insured by MAB and for the personnel of Integrale whose employment is safeguarded and who will continue to serve their customers from Liege.
With its in-depth expertise of the insurance market, Monument Re will continue expanding the activities of the Group, especially in Belgium. MAB is headed in Belgium by Koen Depaemelaere, CEO.
Koen Depaemelaere, CEO of MAB said: "We are delighted that we have been able to meet all the conditions to bring this acquisition to a successful conclusion. With this portfolio transfer, we created a solution with the necessary guarantees for policyholders and protections and continuity of staff. This transaction is fully in line with our growth strategy in Belgium and strengthens our position as a leading life insurance consolidator.”
"This transfer fits perfectly into the broader consolidation strategy of Monument Re so we are very pleased to welcome our new colleagues into the broader Monument Re Group," said Manfred Maske, CEO of Monument Re Group.
Monument Assurance Belgium (MAB) is a Belgian life assurance company regulated by the National Bank of Belgium. MAB is a member of the Monument Re Group and has established itself as the leading consolidator of life insurance and pension portfolios in Belgium.
Monument Re is a life insurance reinsurer and insurance holding company with a proven track record in acquiring capital-intensive European portfolios. Monument Re is domiciled in Bermuda which has a regulatory solvency framework deemed equivalent to Solvency II in Europe by the European Insurance and Occupational Pensions Authority (“EIOPA”). The Monument Re Group also operates through its subsidiaries in Belgium, Ireland, the Isle of Man, Guernsey, and Luxembourg, with branches in Spain, Italy, and Germany. Each entity is subject to local regulation and Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.
Monument Re is backed by high-quality shareholders including Hannover Re, the world’s third largest reinsurer, Enstar, the industry’s largest non-life run-off consolidator listed on Nasdaq, and E-L Financial, the parent company of Canadian life insurer Empire Life.
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