Reinsurance company Monument Re Ltd. said it has acquired full ownership of Luxembourg-based insurer Aspecta Assurance International Luxembourg SA, subject to regulatory approval.
Aspecta, which was incorporated in 2000 as a 100% subsidiary of Talanx AG, has been closed to new business since Dec. 31, 2010. The company specialized in unit-linked single premium products aimed at high net worth individuals, as well as unit-linked regular premium products for the retail market.
Completion of the transaction is subject to receipt of regulatory approvals and satisfaction of closing conditions.
Monument Re CEO Manfred Maske said the acquisition "is an important foundational step in fulfilling [the company's] Benelux strategy with further acquisitions of run-off portfolios and entities anticipated."
