Zurich agrees to sell another block of business to Monument Re

Zurich Insurance Group has agreed to sell the closed book portfolio of its subsidiary  Zurich International Life’s Singapore long term life insurance business to  Monument Re. It would be the second such transaction with the wider Zurich group, and enable  Monument Re to secure its first footprint into the Asian market.

Monument Re’s Isle of Man subsidiary  Monument International Life Assurance Company (MILAC) received its Singapore insurance licence on May 27.

Zurich International Life’s (ZILL’s) Singapore branch portfolio and employees will transfer into the new Singapore branch of MILAC upon receipt of court and regulatory approvals in the Isle of Man and Singapore.

Reginald Peacock, CEO of  Zurich Singapore, said: “Like in any business, we will always look for ways to improve and for opportunities to optimise our business in a respectful way for our customers, partners and employees. Be reassured no other business outside of our Singapore long term life insurance portfolio will be materially impacted and we remain dedicated to servicing all our existing customers and partners.”

Manfred Maske (pictured), CEO of  Monument Re, added: “We are pleased to have reached agreement with ZILL to acquire this block of business, our second transaction with the wider  Zurich group. This transaction represents an important step in the Monument growth and consolidation strategy by strengthening our presence in the Isle of Man whilst also establishing our presence in the Singapore market.”

Jeffrey More, CEO of MILAC, commented: “We are delighted to have reached this agreement with ZILL. Acquiring this portfolio allows MILAC to secure its first footprint into the Asian market and execute our growth and consolidation strategy. We look forward to welcoming the transferring staff in Singapore to MILAC and the wider  Monument Re Group from the transfer date.”

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