Bermuda-based Monument Re has acquired full ownership of Talanx Group’s life insurance subsidiary Aspecta Assurance International Luxembourg for an undisclosed sum.

The deal includes Aspecta’s 25% interest in Quality Insurance Services Luxembourg, the principal service provider to Aspecta.

Aspecta, which was founded in 2000, has been closed to new business since 31 December 2010. It has branches in Germany, Italy and Spain.

Aspecta specialises in unit-linked single premium products targeted towards affluent people as well as in unit-linked regular premium products for the retail market.

Commenting on the deal, Monument Re group CEO Manfred Maske said:

“A key goal continues to be the development and growth of our Benelux platform. The acquisition of Aspecta Assurance International Luxembourg S.A. is an important foundational step in fulfilling our Benelux strategy with further acquisitions of run-off portfolios and entities anticipated.

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“We welcome our new colleagues and look forward to working together to continue building our business.”

This is Monument Re’s first acquisition in Luxembourg and second in Continental Europe. Earlier in September 2017, it acquired interest in ABN Amro Life Capital Belgium.

The transaction is pending receipt of regulatory approvals and satisfaction of closing conditions.