Bermudian-based re/insurance outfit Monument Re has agreed to acquire the closed-block portfolio of variable annuities from Athora Ireland plc, a wholly-owned subsidiary of Athora Holding Ltd.

The company said the acquisition is subject to necessary Irish High Court and regulatory approvals.

Financial terms of the transaction were not disclosed.

Manfred Maske, CEO of Monument Re, said: “We are pleased to have reached agreement with Athora to acquire this block of business, which further reinforces our position as the market leading consolidator in Ireland.”

Monument Re Ltd is a life reinsurance and insurance holding company with a presence in Bermuda, Ireland, Belgium, Luxembourg, The Netherlands, the Isle of Man and Guernsey, with branches in Spain, Italy, France and Germany. It operates as a reinsurer and acquirer of European asset-intensive portfolios.

The company said Athora Holding Ltd is a specialised insurance and reinsurance group fully focused on the European market. Among its subsidiaries is Athora Life Re Ltd in Bermuda.

Monument said Athora Ireland plc is an Irish insurance company focused on providing reinsurance solutions to insurers and the efficient management of a portfolio of variable annuities for some 13,000 policyholders, predominantly in the United Kingdom, representing about €1 billion of funds under management.