Monument Re acquires Talanx Luxembourg subsidiary Aspecta
Bermuda-based Monument Re has acquired the full ownership of Aspecta Assurance International Luxembourg, a life insurance undertaking based in Luxembourg with branches in Germany, Italy and Spain, according to a Jan. 30 press release.
Aspecta was incorporated in 2000 as a 100 percent subsidiary of Talanx Group. Since December 2010 it has been closed to new business.
The acquisition also includes Aspecta’s 25 percent stake in Quality Insurance Services Luxembourg, the principal service provider to Aspecta.
Aspecta specialised in unit-linked single premium products targeted towards high net-worth individuals as well as in unit-linked regular premium products for the retail market.
This is Monument Re’s first acquisition in Luxembourg, and second in Continental Europe and is in line with its strategy to acquire portfolios or insurers in Europe and operate these businesses in a capital efficient manner.
Manfred Maske, Group CEO for Monument Re said: “A key goal continues to be the development and growth of our Benelux platform. The acquisition of Aspecta Assurance International Luxembourg S.A. is an important foundational step in fulfilling our Benelux strategy with further acquisitions of run-off portfolios and entities anticipated. We welcome our new colleagues and look forward to working together to continue building our business.”
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