Bermudian-based Monument Re’s Belgian subsidiary Monument Assurance Belgium has completed the acquisition of a run-off block of retail life policies, annuities and associated assets from Federale Verzekering.

“We are pleased to have completed this transaction with Federale as it represents a positive continuation of our consolidation strategy in Belgium,” Koen Depaemelaere, chief executive officer of Monument Assurance Belgium said.

Monument Assurance Belgium is a Belgian life assurance company regulated by the National Bank of Belgium and is a member of the Monument Re Group.

Monument Re Limited is a life insurance reinsurer and insurance holding company which acquires capital-intensive European portfolios.

The Monument Re Group also operates through its subsidiaries in Belgium, Ireland, Isle of Man and Luxembourg, with branches in Spain, Italy, Guernsey, Singapore and Germany.

Each entity is subject to local regulation and Monument Re is subject to group supervision by the Bermuda Monetary Authority.