Monument Re Transfers €1.4bn Greycastle Portfolio to RGA and Strengthens European Life Insurance Consolidation Platform

Monument Re Limited (“Monument”) announces today that it has transferred a legacy €1.4bn reinsurance portfolio, comprising annuity and other life insurance liabilities acquired as part of the 2020 Greycastle transaction, to RGA Americas Reinsurance Company, Ltd. (“RGA”). This transaction releases capital resources that Monument will redirect to its core strategy of consolidation in European life insurance markets. The transaction completed on 2May 2025 following approval by the Boards of Directors of both Monument and RGA and non-objection from the Bermuda Monetary Authority.

Monument has taken significant steps in recent months to strengthen its business operations by consolidating its European group support functions in Dublin and by aligning with the recently strengthened regulatory regime in Bermuda. With its strong financial position and best in class capabilities in the Group, Monument remains ideally positioned to build on its success to date and grow its European footprint, delivering legacy operational, capital and risk solutions to the European life insurance industry.

Speaking about the transfer of the portfolio to RGA, Monument Re Group CEO Carlo Elsinghorst said,

“RGA has a stellar track record in the industry and is ideally placed to take on this business. We have enjoyed working with the RGA team over the last few months and built a solid relationship based on mutual trust and respect and a shared appreciation of our respective strengths. We are now focused on ensuring a smooth transition process for the benefit of policyholders.

Monument retains a very strong solvency position and the increased financial flexibility as a result of this transaction together with the recent rationalizing of group support functions will enhance our capacity to capitalize on our market leading, solutions-focused transaction capabilities.

We look forward to continuing to deliver on our promise to the European life insurance markets: a trusted consolidator that provides tailored solutions to real needs. We are excited about the opportunities ahead of us.”

“We are delighted to have partnered with Monument Re Group on this transaction, and it was a pleasure to work with their team,” said Emma Ferris, Senior Vice President, Managing Director, RGA UK & Ireland. “This transaction highlights RGA's ability to execute on significant in-force opportunities, and to provide innovative solutions to address the evolving needs of our clients.”

Citi and Fenchurch Advisory acted as financial advisers for Monument on the transaction.

Note to editors: Terms of the deal are not disclosed.

Monument Re Limited is a life insurance reinsurer and insurance holding company with a proven track record in acquiring capital-intensive European portfolios. Monument Re is present in Bermuda which, like Switzerland, is subject to requirements comparable to Solvency II in Europe. The Monument Re Group also operates through its subsidiaries in Belgium, Ireland, Isle of Man and Luxembourg, with branches in Spain, Italy, Germany and Singapore. Each entity is subject to local regulation and Monument is subject to insurance group supervision by the Bermuda Monetary Authority.

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