Bermudian-domiciled Monument Re has agreed the novation of a retrocession agreement from Enhanzed Reinsurance Ltd to Monument Re.

Enhanzed Re is a subsidiary of Bermudian-based Enstar Group Limited.

Monument Re said the retrocession agreement was originally written in 2020 and covers a block of annuity policies.

There are no changes to any of the underlying terms as Monument Re will assume all rights, liabilities and obligations of the retrocessionaire under the novation agreement.

The portfolio consists of both deferred annuities and whole of life policies.

Manfred Maske, group CEO of Monument Re, said: “We are very pleased to have reached agreement with Enhanzed Re. The novation of this portfolio is in line with our reinsurance strategy and risk appetite and fits squarely into our rapidly growing reinsurance portfolio.”