Life insurance reinsurer Monument Re has transferred a legacy reinsurance portfolio valued at €1.4bn to RGA Americas Reinsurance Company.  

This move aligns with Monument’s strategy to redirect capital towards its consolidation efforts in the European life insurance sector. 

The portfolio, consisting of annuity and life insurance liabilities, was part of the assets acquired during the 2020 Greycastle deal.  

The transaction received the green light following approvals from the Boards of Directors of both Monument and RGA, as well as a non-objection from the Bermuda Monetary Authority. 

Additionally, Monument has consolidated its European group support functions in Dublin, Ireland, and aligned its operations with Bermuda’s enhanced regulatory framework. 

Citi and Fenchurch Advisory served as financial advisors to Monument to facilitate the transaction. 

Monument Re Group CEO Carlo Elsinghorst said: “RGA has a stellar track record in the industry and is ideally placed to take on this business. We have enjoyed working with the RGA team over the last few months and built a solid relationship based on mutual trust and respect and a shared appreciation of our respective strengths. We are now focused on ensuring a smooth transition process for the benefit of policyholders. 

“Monument retains a very strong solvency position and the increased financial flexibility as a result of this transaction together with the recent rationalising of group support functions will enhance our capacity to capitalise on our market leading, solutions-focused transaction capabilities.” 

RGA UK & Ireland managing director and senior vice-president Emma Ferris said: “This transaction highlights RGA’s ability to execute on significant in-force opportunities, and to provide innovative solutions to address the evolving needs of our clients.”