A subsidiary of Bermudian-domiciled Monument Re Limited has completed the acquisition of AME Life Lux SA (Amell) from French mutual insurance group, Covéa.

The company said the deal by Luxembourg-based Monument Assurance Luxembourg SA has received regulatory approval from the Commissariat aux Assurances. Financial terms of the transaction were not disclosed.

Monument Re said Amell is a well-established Luxembourg-based life insurance company with a market presence in Luxembourg and Belgium. It added that the transaction will have no impact on Amell’s policyholders.

Monument Re Limited 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 and Germany.

It operates as a reinsurer and acquirer of European asset-intensive portfolios. Through this strategy, Monument Re said, it assumes asset-based risks within its risk appetite and efficiently operates these businesses or portfolios.

Monument Re is subject to group supervision by the Bermuda Monetary Authority.

Monument Assurance Luxembourg SA is a fully licensed Luxembourg life insurance company regulated by the Commissariat aux Assurances, with branches in Spain, Italy, and Germany.

Its strategy is to acquire, by portfolio transfer or outright purchase, legacy guaranteed and linked portfolios in Luxembourg, Italy and Spain.