Monument Re acquires portfolio from Zurich International Life Limited
Monument Re announced today that it had reached an agreement with Zurich International Life Limited (“ZILL”) to acquire the closed book portfolio of Zurich International Life Limited’s Singapore long term life insurance business. Following Monument International Life Assurance Company Limited (“MILAC”) successfully receiving a Singapore insurance licence on 27th May 2022, the ZILL Singapore branch portfolio and employees will transfer into the new Singapore branch of MILAC upon receipt of court and regulatory approvals in the Isle of Man and Singapore.
Reginald Peacock, CEO of Zurich Singapore, said “Like in any business, we will always look for ways to improve and for opportunities to optimise our business in a respectful way for our customers, partners and employees. Be reassured no other business outside of our Singapore long term life insurance portfolio will be materially impacted and we remain dedicated to servicing all our existing customers and partners.”
Manfred Maske, CEO of Monument Re, added “We are pleased to have reached agreement with ZILL to acquire this block of business, our second transaction with the wider Zurich group. This transaction represents an important step in the Monument growth and consolidation strategy by strengthening our presence in the Isle of Man whilst also establishing our presence in the Singapore market.”
“We are delighted to have reached this agreement with ZILL. Acquiring this portfolio allows MILAC to secure its first footprint into the Asian market and execute our growth and consolidation strategy. We look forward to welcoming the transferring staff in Singapore to MILAC and the wider Monument Re Group from the transfer date,” said Jeffrey More, CEO of MILAC.
Monument Re Limited is a life Reinsurance and Insurance Holding Company with a presence in Bermuda, Ireland, Belgium, Luxembourg, the Isle of Man and Guernsey, with branches in Spain, Italy and Germany. Monument Re operates as a reinsurer and acquirer of European asset-intensive portfolios. Through this strategy, Monument Re assumes asset-based risks within its risk appetite and efficiently operates these businesses or portfolios.
Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.
Monument International Life Assurance Company Limited is an Isle of Man insurance company regulated by the Isle of Man Financial Services Authority and 100% owned by Monument Re Limited. It has a Singapore branch for its Isle of Man business (and is therefore subject to regulation both in the Isle of Man and Singapore).
Zurich International Life Limited provides life assurance, investment and protection products and is part of the Zurich Insurance Group. Zurich International Life Limited is fully authorised under the Isle of Man Insurance Act 2008 and is regulated by the Isle of Man Financial Services Authority.
Registered in the Isle of Man number 20126C.
Registered office: Zurich House, Isle of Man Business Park, Douglas, Isle of Man, IM2 2QZ, British Isles.
Telephone +44 1624 662266
Telefax +44 1624 662038
Zurich International Life Limited, Singapore Branch, which is registered (Registration number: T05FC6754E) as a Foreign Company registered in Singapore.
Branch address: Singapore Land Tower, #29-05, 50 Raffles Place, Singapore 048623.
Telephone: +65 6876 6750
Telefax: +65 6876 6751
Zurich Insurance Group (Zurich) is a leading multi-line insurer serving more than 55 million customers – both people and businesses – in more than 210 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.
Reflecting its purpose to ‘create a brighter future together', Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and is one of the world’s most sustainable insurers, as shown by the S&P Global Corporate Sustainability Assessment. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
The Group has about 56,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.
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