Monument Re subsidiaries complete acquisitions
Two subsidiaries of Bermudian-based Monument Re have completed acquisitions.
Isle of Man-based Monument International Life Assurance Company Limited has completed the acquisition of the closed book portfolio of Zurich International Life Limited’s Singapore long-term life insurance business.
The Zill Singapore branch portfolio and employees have transferred into the Singapore branch of Milac following receipt of court and regulatory approvals in the Isle of Man and Singapore.
Milac is an Isle of Man insurance company regulated by the Isle of Man Financial Services Authority and wholly owned by Monument Re Limited. Through its branch in Singapore, Milac is authorised to conduct life insurance and continue seeking growth through acquisition.
Zill provides life assurance, investment and protection products and is part of the Zurich Insurance Group. Zill is fully authorised under the Isle of Man Insurance Act 2008 and is regulated by the Isle of Man Financial Services Authority.
In addition, Monument Assurance Belgium has completed the acquisition of a run-off life insurance portfolio with BEGAAP provisions of 2.6 billion euros from Axa Belgium.
The completion follows receipt of approval from the regulator, National Bank of Belgium.
MAB is a member of the Monument Re Group and has established itself as the leading consolidator of life insurance and pension portfolios in Belgium, the company said.
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