Monument Re has entered an agreement to acquire GreyCastle Holdings and its subsidiaries. The financial details of the deal were not disclosed.
Its subsidiaries include GreyCastle Life Reinsurance (SAC) and GreyCastle Services.
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Bermuda-domiciled GreyCastle is focused on managing a portfolio of annuity and life risks.
Monument Re Group CEO Manfred Maske said: “This transaction represents a significant strategic milestone for Monument Re and is especially pleasing given the challenge of current conditions arising from the Coronavirus.
“We look forward to welcoming the GreyCastle team to the Monument Group as we continue growing our business internationally.”
GreyCastle was founded in 2014 by a group of institutional investors to reinsure a significant block of XL Life Reinsurance life and annuity risks.
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By GlobalDataCommenting on the latest development, GreyCastle CEO Andrew Cook said: “We are very excited to be joining forces with Monument Re and look forward to being part of their strategic plans.”
The transaction remains subject to regulatory approvals and other customary closing conditions. Upon the closing of the deal, change of control of the company will take place.
In June last year, Monument Re acquired Nordben Life and Pension Insurance from BenCo Insurance.
It also acquired Robein Leven and Belgium-based Alpha Insurance last year.
The company functions as a reinsurer and acquirer of European asset-intensive portfolios.
