Monument Re, a reinsurer based in Hamilton, Bermuda, has signed an agreement to acquire Irish annuities portfolio from Rothesay Life for €140m.
Monument Re said that the acquisition was initially structured as reinsurance to the company and it is expected to be followed by Part VII transfer of the portfolio to Laguna Life. It is subject to regulatory and court approvals.
Rothesay Life’s Irish portfolio was acquired through the purchase of MetLife Assurance in 2014. The portfolio includes bulk annuities and those which have transitioned to individual policies. .
Rothesay Life chief financial officer Andrew Stoker said: “We are pleased to have reached a conclusion in relation to our Irish portfolio which enables us to meet all legal requirements irrespective of the outcome of current Brexit negotiations and thank the team at Monument for working quickly and efficiently to complete this transaction in the short time scales available.”
Monument Re Group CEO Manfred Maske said: “We are pleased to announce this transaction, subject to regulatory approval, as we continue to deliver on our Ireland consolidation strategy.”
Founded in 2007, Rothesay Life is one of the leading providers of regulated insurance solutions in the UK market for pensions de-risking. The company has been steadily accumulating pension scheme clients and has grown through strategic acquisitions and with reinsurance of annuity portfolios.
The company has more than £36bn of assets under management and insures the pensions of more than 770,000 individuals.
In March 2019, the company agreed to acquire Inora Life DAC from Societe Generale for an undisclosed amount. The deal is subject to regulatory approval.
Inora is a life insurer domiciled in Ireland. The company had ceased new activity since 2012 but still manages a portfolio of unit-linked insurance products. Monument Re said that the transaction will not have an impact on the clients and policyholders of Inora Life.
Maske said: “We are pleased to have been able to work with Societe Generale and to be able to announce this transaction. The acquisition of Inora aligns with our growth and consolidation strategy in Ireland.”