Monument Re Ltd. is acquiring Ireland-domiciled life insurer Cattolica Life DAC from Società Cattolica di Assicurazione.
Cattolica Assicurazioni said two binding agreements have been entered into for the purchase of a 40% stake in Cattolica Life from Banca Popolare di Vicenza SpA and the sale of the Irish life insurer to Monument Re.
The transaction is not expected to impact the clients and policyholders of Cattolica Life, which has ceased new activity since 2017. The transaction is expected to close by the end of the first quarter of 2020, and the change of control is subject to the satisfaction of customary closing conditions, including regulatory approvals.
NatWest Markets acted as financial adviser and Gianni Origoni Grippo & Partners served as legal adviser to Cattolica.