Monument Re acquires €140m Irish annuities portfolio from Rothesay Life
Bermuda-based Monument Re is to acquire a €140 million portfolio of Irish annuities from insurer Rothesay Life.
The Irish portfolio, which consists of bulk annuities and those which have transitioned to individual policies, was acquired by Rothesay Life through the purchase of MetLife Assurance in 2014 who were active participants in the Irish bulk annuity market.
The acquisition has been structured initially as reinsurance to Monument Re and is expected to be followed by a Part VII transfer of the portfolio to Laguna Life, subject to regulatory and court approvals.
Manfred Maske, CEO of Monument Re Group, said: “We are pleased to announce this transaction, subject to regulatory approval, as we continue to deliver on our Ireland consolidation strategy.”
Andrew Stoker, chief financial officer of Rothesay Life, said: “We are pleased to have reached a conclusion in relation to our Irish portfolio which enables us to meet all legal requirements irrespective of the outcome of current Brexit negotiations and thank the team at Monument for working quickly and efficiently to complete this transaction in the short time scales available.”
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