Benelux Life Run-Off SCS, a run-off vehicle owned by Bermuda-based Monument Re, has completed the acquisition of ABN AMRO Life Capital Belgium (AALCB), the Belgian life insurance subsidiary of ABN AMRO, after securing relevant regulatory approvals.
Benelux Life Run-Off SCS was set up by Acathia Capital as the first run-off platform for life insurance companies and life insurance portfolios based in Belgium. AALCB is the first acquisition by Benelux Life.
Monument Re has full ownership over Benelux Life Run-Off SCS and AALCB.
Upon completion of acquisition, AALCB has been rebranded as Monument Assurance Belgium N.V.
Monument Re group CEO Manfred Maske said: “We are pleased to announce the regulatory approval of the National Bank of Belgium and the completion of the acquisition of AALCB in Belgium.
“With our Belgian platform for consolidation of run-off portfolios or entities established, we look forward to further growth.”
Monument Re inked the agreement to acquire Benelux Life Run-Off SCS, including its acquisition of ABN AMRO Life Capital Belgium, the Belgian life insurance subsidiary of ABN AMRO (AALCB) in September 2017.
Acathia Capital managing partner Thomas Schmitt said: “After having already implemented a life run-off platform in Germany, this success demonstrates that the business model life run-off also works in other Continental European markets. It adds further to Acathia’s unique track record of providing trouble-free exit solutions to insurers with maximum transaction certainty.”
The proposed transaction represents first takeover for Monument Re in Continental Europe while the company is already active in the Irish market where it acquired Laguna Life DAC.