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).

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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.

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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.