Life reinsurance and insurance holding company Monument Re Ltd is acquiring Athora Ireland Plc’s closed-block portfolio of variable annuities. The transaction, financial terms of which were not disclosed, is subject to necessary Irish High Court and regulatory approvals.
A wholly-owned subsidiary of Athora Holding Ltd, Athora Ireland specialises in providing reinsurance solutions to insurers and the efficient management of a portfolio of variable annuities. These annuities are for some 13,000 policyholders, predominantly in the UK.
Monument Re, meanwhile, is based in Bermuda and operates as a reinsurer and acquirer of European asset-intensive portfolios. The company, which owns 100% of Monument Life Insurance DAC, assumes asset-based risks within its risk appetite.
“We are pleased to have reached agreement with Athora to acquire this block of business which further reinforces our position as the market-leading consolidator in Ireland,” said Monument Re chief executive Manfred Maske, whose camp also has a presence in Belgium, Luxembourg, The Netherlands, the Isle of Man, and Guernsey, as well as branches in Spain, Italy, France, and Germany.