Monument Re in Acquisition of Run-off Classical Group Life Insurance Portfolio From Contassur

Cleary Gottlieb represented global life insurance reinsurer and insurance holding company Monument Re (Monument) in the acquisition by its subsidiary Monument Assurance Belgium (MAB) of a closed book of classical group life insurance policies and associated assets from Contassur – Contibel Assurances Vie/Levensverzekeringen (Contassur).

The transaction was signed on September 28, 2023, and closed on July 1, 2024, after regulatory approvals had been obtained.

Founded in 2017, Monument has quickly built a proven track-record in acquiring and operating capital-intensive insurance portfolios, primarily those in run-off. Monument is headquartered in Bermuda and has subsidiaries in Belgium, Ireland, Isle of Man, and Luxembourg, and branches in Spain, Italy, and Germany. Monument is backed by high quality shareholders, which include Hannover Re, the world’s third-largest reinsurer; NYSE-listed Enstar, a leading P&C run-off consolidator; and E-L Financial, the parent company of Canadian life insurer Empire Life.

Contassur is a Belgian insurance group, composed of an insurance company and five pension funds operating with a “mutual” approach, without commercial purpose.