Allianz Sells Closed-Book Life Insurance Portfolio to Monument Re

Cleary Gottlieb represented Allianz SE (Allianz) and its subsidiary Allianz Benelux SA in its €1.4 billion sale of a closed-book life retail insurance portfolio under Solvency II, together with 4,500 mortgage loans, to Monument Assurance Belgium (MAB), an affiliate of Monument Re.

The retail insurance portfolio consisted of 95,000 policies with technical provisions. The transaction signed on August 18, 2020, and was announced the same day. The closing of the transaction is subject to regulatory approvals.

Allianz is a global insurer and asset manager. MAB, headquartered in Belgium, acts as a closed book consolidator of life portfolios in Belgium. The Bermuda-based Monument Re group operates as a reinsurer and acquirer of European asset-intensive portfolios and has a presence in Bermuda, Ireland, Belgium, Luxembourg, the Netherlands, and Guernsey, and branches in Spain, Italy, France, and Germany.

For more information, please see the press release here.