21 February 2022Insurance

French mutual Covéa sells Luxembourg life subsidiary to Monument Re

Bermuda-based reinsurer  Monument Re has acquired the Luxembourg-based life insurance company from French mutual insurer  Covéa.

Monument Re’s Luxembourg subsidiary Monument Assurance Luxembourg S.A. has completed the acquisition of AME Life Lux S.A. (AMELL) following receipt of regulatory approval from the Commissariat aux Assurances.

Financial terms of the transaction were not disclosed.

AMELL is a life insurance company with market presence in Luxembourg and Belgium.

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More on this story

22 December 2021   The deal follows earlier acquisitions of six other Belgian portfolios as part of its consolidation strategy.
19 April 2022   The company has concluded an annuity reinsurance transaction with Countrywide.
5 May 2022   It hopes the move will enable entry into new markets and unlock more opportunities.