Monument Re reveals strategic acquisition in Bermuda

Monument Re is set to acquire GreyCastle Holdings, a Bermuda-based reinsurer founded in 2014 by a group of institutional investors to reinsure a significant block of XL Life Reinsurance life and annuity risks.

The acquisition includes GreyCastle subsidiaries - GreyCastle Life Reinsurance (SAC) and GreyCastle Services.

The transaction is subject to customary closing conditions, including receipt of regulatory approvals.

Manfred Maske, CEO of Monument Re Group, said: “This transaction represents a significant strategic milestone for Monument Re and is especially pleasing given the challenge of current conditions arising from the Coronavirus. We look forward to welcoming the GreyCastle team to the Monument Group as we continue growing our business internationally.”

Andrew Cook, CEO of GreyCastle said: “We are very excited to be joining forces with Monument Re and look forward to being part of their strategic plans.”