Bermudian-based Monument Re’s Luxembourg subsidiary Monument Assurance Luxembourg SA has completed the transfer of the closed book portfolio of long term life insurance business from Integrale Luxembourg SA.

The company said the portfolio serves mainly the Luxembourg, Dutch and French markets, and is strategically aligned to MAL’s existing business model.

The portfolio was transferred to MAL with unchanged terms and conditions for policyholders.

Monument Re Ltd is a life reinsurance and insurance holding company with a presence in Bermuda, Belgium, Ireland, Isle of Man and Luxembourg, with branches in Singapore, Spain, Italy and Germany.

Monument Re operates as a reinsurer and acquirer of European asset-intensive portfolios.