Bermudian-domiciled Monument Re Group, the reinsurer and asset consolidator, has through its subsidiary Monument Assurance Belgium completed the closing of the acquisition of the entire insurance portfolio and personnel of Integrale SA, the Belgian life assurance company.

The deal was first announced in May.

Integrale's staff will transfer into the Monument Group and be able to enjoy the advantages associated with a growing insurance company in Belgium and beyond, the company said.

On closing, Monument Re said, the relevant assets and liabilities of Integrale's balance sheet were transferred to Monument Re’s Belgian subsidiary MAB.

The company said this is excellent news for both the policyholders who are now insured by MAB and for the personnel of Integrale whose employment is safeguarded and who will continue to serve their customers from Liege.

With its in-depth expertise of the insurance market, Monument Re said, it will continue expanding the activities of the group, especially in Belgium.

MAB is headed by Koen Depaemelaere, CEO, who said: "We are delighted that we have been able to meet all the conditions to bring this acquisition to a successful conclusion.

“With this portfolio transfer, we created a solution with the necessary guarantees for policyholders and protections and continuity of staff.

“This transaction is fully in line with our growth strategy in Belgium and strengthens our position as a leading life insurance consolidator.”

Manfred Maske, CEO of Monument Re Group, said: "This transfer fits perfectly into the broader consolidation strategy of Monument Re so we are very pleased to welcome our new colleagues into the broader Monument Re Group."