Bermuda-based reinsurer Monument Re has completed the acquisition of Robein Leven and its subsidiaries from Amerborgh Financial Services.
The company has acquired the firm and its subsidiaries following receipt of approval from De Nederlandsche Bank (DNB).
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Robein Leven, domiciled in Netherlands, is a closed life insurer with linked and traditional products.
The acquisition, which was first announced in July 2018, is part of the company’s strategy to establish its long-term presence in the Benelux region.
Commenting on the completion of the deal, Monument Re Group CEO Manfred Maske said: “We are pleased to announce the regulatory approval from the De Nederlandsche Bank and the completion of our acquisition of Robein in the Netherlands.We look forward to further growth and opportunity with this platform.”
Monument Re is a Class E reinsurer that acquires closed, run-off and asset-intensive insurers.
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By GlobalDataIt has been targeting the run-off and legacy business off late. It purchased a run-off portfolio of linked and traditional business from Metlife Europe in June last year.
In April last year, the company acquired a run-off portfolio, known as the First A Portfolio, from Belgian insurer Ethias.
In March 2018, Monument Re’s Benelux Life acquired ABN AMRO Life Capital Belgium while the company snapped up Talanx Group’s life insurance subsidiary Aspecta Assurance International Luxembourg a year ago.
