Bermudian-domiciled reinsurer and asset consolidator Monument Re Group and Axa Belgium have agreed the transfer of a run-off life insurance portfolio.

The transaction, through Monument Re’s subsidiary Monument Assurance Belgium, involves the transfer of a run-off life insurance portfolio with BEGAAP provisions of approximately $2.9 billion, subject to regulatory approvals.

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, 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.”