Hamilton, Bermuda, 20th September 2022.
Monument Re announced today that it has agreed the novation of a retrocession agreement from Enhanzed Reinsurance Ltd (“Enhanzed Re”) to Monument Re. Enhanzed Re is a subsidiary of Enstar Group Limited (“Enstar”). The retrocession agreement was originally written in 2020, and covers a block of annuity policies. There are no changes to any of the underlying terms as Monument Re will assume all rights, liabilities and obligations of the Retrocessionaire under the novation agreement. The portfolio consists of both deferred annuities and whole of life policies.
Manfred Maske, Group CEO of Monument Re stated that:
“We are very pleased to have reached agreement with Enhanzed Re. The novation of this portfolio is in line with our reinsurance strategy and risk appetite and fits squarely into our rapidly growing reinsurance portfolio.”
Monument Re Limited is a reinsurer and asset consolidator with a proven track record in the acquisition and operation of portfolios or direct insurers in Europe. Monument Re has a presence in Bermuda which has full Solvency II equivalence along with Switzerland. The Monument Re Group also operates through its subsidiaries in Belgium, Ireland, Isle of Man, Guernsey and Luxembourg, with branches in Spain, Italy and Germany. Each entity is subject to local regulation and Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.
Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 100 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com.
For further information:
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Monument Life Insurance DAC
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Monument Assurance Belgium S.A.
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Monument Assurance Luxembourg S.A.
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Monument International Life Assurance Company Limited
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Isle of Man IM1 1EE
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Nordben Life and Pension Insurance Co. Limited
OLD bank chambers
La grande rue
AME Life Lux S.A.
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+352 47 46 93