Monument Re has purchased underwriting insurance company Laguna Life DAC, the Irish life assurance operations of Enstar Group.
Completion follows receipt of regulatory approval and satisfaction of closing conditions.
Laguna conducts Class I life assurance business, and was placed into run-off in November 2009. It became part of Enstar, a leading global insurance group, in 2011.
Laguna has been transferred into Monument Re’s Irish subsidiary Monument Assurance DAC (“MADAC”). This aligns with Monument’s dual strategy of acquiring and consolidating books of life assurance operations in the European market, and reinsuring asset-intensive business lines such as pension annuities-in-payment.
Manfred Maske, Group CEO of Monument Re commented: “This acquisition is a continuation of a key part of our strategy to enable global insurers to operate more effectively in rapidly changing markets. It further benefits customers and staff with increased scale through consolidation into our growing platform in Ireland.”