Monument Assurance Belgium has wrapped up the previously announced acquisition of a run-off portfolio of traditional life and credit life business from Alpha Insurance.
The transaction completed following the receipt of regulatory approval from the National Bank of Belgium (NBB).
Financial terms of the transaction, which was originally signed in November last year, were not disclosed.
Earlier, Monument Re Group CEO Manfred Maske said: “This acquisition marks our second transaction in Belgium and is an excellent bolt-on portfolio for Monument Assurance Belgium.
“As part of our insurance strategy, we view Belgium as a key life consolidation market for Monument Re and anticipate increasing levels of transaction activity, especially in medium-sized portfolios requiring capital solutions.”
Formerly “Nationale Suisse Belgium”, Alpha Insurance is a Belgian composite insurance company and operates as a wholly- owned subsidiary of Enstar Group.
Monument Assurance Belgium is part of the Bermudian reinsurer Monument Re Group. It operates as a closed book consolidator of life portfolios in Belgium under the supervision of the NBB.
Last month, Monument Re, through its European subsidiary Laguna Life, completed the takeover of a run-off portfolio of linked and traditional business from MetLife Europe.
During the same month, Monument Re agreed to acquire the €140m ($156m) portfolio of Irish annuities from Rothesay Life.
In March this year, Monument Re signed a definitive agreement to purchase Inora Life DAC from Societe Generale.