Monument Re acquires Athora Ireland's closed-block portfolio

Bermuda-based reinsurer Monument Re has agreed to acquire the closed-block portfolio of variable annuities from Athora Ireland, a wholly-owned subsidiary of Athora Holding.

The deal is subject to necessary Irish High Court and regulatory approvals.

Athora Ireland is an Irish insurance company focused on providing reinsurance solutions to insurers. Its business is predominantly in the UK and represents about €1 billion of funds under management.

Athora is a specialised re/insurance group focused on the European market. As well as Athora Ireland and Athora Life Re in Bermuda, it owns Athora Netherlands, Athora Belgium and Athora Lebensversicherung.

Manfred Maske, Monument Re’s chief executive, said the new block of business will reinforce Monument Re’s position as the market leading consolidator in Ireland.

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