Monument Re has announced that, subject to necessary Irish High Court and regulatory approvals, it has agreed to acquire the closed-block portfolio of variable annuities from Athora Ireland plc, a wholly-owned subsidiary of Athora Holding for an undisclosed sum.
Athora is a specialised insurance and reinsurance group fully focused on the European market. Athora dedicates its focus, capital, time and technical insights to offering its customers a stable, long-term performance on its products.
Athora’s principal subsidiaries are Athora Netherlands N.V. (Amstelveen, Netherlands), Athora Belgium N.V./S.A. (Brussels), Athora Lebensversicherung AG (Wiesbaden, Germany), Athora Ireland plc (Dublin) and Athora Life Re Ltd. (Bermuda).
The Athora group currently employs some 2,400 staff and has approximately three million policyholders for total consolidated assets of approximately €80bn (£69bn).
The group added that its Irish arm provides reinsurance solutions to insurers and the efficient management of a portfolio of variable annuities for some 13,000 policyholders, predominantly in the UK, representing about €1bn (£864m) of funds under management.
Manfred Maske, CEO of Monument Re, said: “We are pleased to have reached agreement with Athora to acquire this block of business which further reinforces our position as the market leading consolidator in Ireland.”