Monument Re picks Belgium as key target market; strikes deal with AXA

Bermuda-based reinsurer  Monument Re has confirmed Belgium as a “key target market” with its new acquisition deal with insurer AXA that will further cement the company's position in the Belgian market.

Its subsidiary Monument Assurance Belgium (MAB) and AXA Belgium have agreed for the transfer of a run-off life insurance portfolio with BEGAAP provisions of €2.6 billion.

The transaction follows earlier acquisitions of six other Belgian portfolios as part of Monument’s consolidation strategy in the chosen market.

MAB is a Belgian life assurance company regulated by the National Bank of Belgium. Monument Re is backed by shareholders including Hannover Re, Enstar, and E-L Financial, the parent company of Canadian life insurer Empire Life.

Koen Depaemelaere, CEO of Monument Assurance Belgium, said: “We are pleased to announce this transaction that confirms Monument Assurance’s position as the leading consolidator in the Belgian market. It has been a pleasure to work with the AXA Belgium team. We look forward to welcoming the policyholders to Monument and would like to take the opportunity to assure them of our commitment to maintaining the high-quality service and security that they have enjoyed at AXA Belgium.”

Manfred Maske (pictured), CEO of Monument Re Group and chairman of MAB, said: “After the closing of the deal with Integrale last week, we are delighted to announce this transaction which fits perfectly with Monument’s consolidation strategy and confirms Belgium as a key target market for us. Following earlier acquisitions of six other Belgian portfolios this transaction with AXA Belgium continues that trajectory and affirms MAB’s position as the leading consolidator in the Belgian market.”

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