Monument Re Acquires Portfolio From Rothesay Life Plc
HAMILTON, Bermuda--(BUSINESS WIRE)--Apr 1, 2019--Monument Re announced today that it has entered into an agreement to acquire the €140m portfolio of Irish annuities from Rothesay Life Plc. The acquisition has been structured initially as reinsurance to Monument Re and is expected to be followed by a Part VII transfer of the portfolio to Laguna Life d.a.c., subject to regulatory and court approvals.
Manfred Maske, CEO of Monument Re Group, said: “We are pleased to announce this transaction, subject to regulatory approval, as we continue to deliver on our Ireland consolidation strategy.”
Andrew Stoker, Chief Financial Officer of Rothesay Life, said: “We are pleased to have reached a conclusion in relation to our Irish portfolio which enables us to meet all legal requirements irrespective of the outcome of current Brexit negotiations and thank the team at Monument for working quickly and efficiently to complete this transaction in the short time scales available.”
About Rothesay Life
Rothesay Life was established in 2007 and has become one of the leading providers of regulated insurance solutions in the U.K. market for pensions de-risking. This strong growth has been achieved through the steady accumulation of pension scheme clients, significant strategic acquisitions and the reinsurance of annuity portfolios. Rothesay Life has assets under management of over £36bn and insures the pensions of over 770,000 individuals.
The Irish portfolio, which consists of bulk annuities and those which have transitioned to individual policies, was acquired by Rothesay Life through the purchase of MetLife Assurance in 2014 who were active participants in the Irish bulk annuity market.
Rothesay Life is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Further information is available at www.rothesaylife.com.
About Monument Re and Monument Insurance
Monument Re Limited (“Monument Re”) is a Class E reinsurer and Holding Company subject to Group Supervision by the Bermuda Monetary Authority. From its base in Bermuda, 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 operates these businesses or portfolios.
The Irish subsidiaries of Monument Re trade as Monument Insurance, and includes Laguna Life d.a.c., which is regulated by the Central Bank of Ireland.
The group of companies has established a presence in Bermuda, Ireland, Belgium, Luxembourg and the Netherlands.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190401005185/en/
CONTACT: Manfred Maske, CEO, +1 (441) 400-9300
KEYWORD: LUXEMBOURG BELGIUM BERMUDA EUROPE CARIBBEAN NETHERLANDS GERMANY IRELAND
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE OTHER PROFESSIONAL SERVICES
SOURCE: Monument Re Limited
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PUB: 04/01/2019 03:00 AM/DISC: 04/01/2019 03:00 AM