Monument Re Limited announces that its Belgian subsidiary, Monument Assurance Belgium NV, has completed the acquisition of the closed-end classic group life insurance portfolio of Branch 21 of Contassur – Contibel Assurances Vie – Contibel Levensverzekeringen SA/NV, following regulatory approval from the National Bank of Belgium.

Koen Depaemeleer, CEO of Monument Assurance Belgium, and Carlo Elsinghorst (pictured above), CEO of Monument Re Limited Group, said the acquisition represents another step in Monument’s business consolidation strategy in Belgium.

Monument Assurance Belgium is regulated by the National Bank of Belgium and is part of the Monument Re Group. The company is recognised as a pioneer in consolidating life insurance and pension portfolios in Belgium.

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On the other hand, Monument Re Limited is a life reinsurer and holding company with a track record of acquiring capital-intensive European portfolios. Monument Re operates in Bermuda, which, like Switzerland, adheres to similar requirements to the Solvency II standard in Europe.

Monument Re also operates through its subsidiaries in Belgium, Ireland, the Isle of Man and Luxembourg, with branches in Spain, Italy and Germany.

Monument Insurance Group Limited is the parent company of the Monument Group of companies. Each company is subject to local regulation, and the group is subject to supervision by the Bermuda Monetary Authority.

Earlier this year, the company also completed the acquisition of the closed book portfolio from Integrale Luxembourg SA, through its Luxembourg subsidiary, Monument Assurance Luxembourg SA (MAL).

The transaction covers a long-term life insurance portfolio, primarily serving the markets in Luxembourg, the Netherlands and France. As a fully licensed life insurance company in Luxembourg, MAL operates under the regulatory supervision of the Insurance Commission. It also has subsidiaries in Spain, Italy and Germany.

In late 2023, the company appointed a new CEO with the promotion of Carlo Elsinghorst.

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