Monument Re, a Bermuda-based re/insurer, has reached an agreement with Frankfurt-based private equity firm Acathia Capital to purchase Benelux Life Run-Off SCS, including its acquisition of ABN AMRO Life Capital Belgium, the Belgian life insurance subsidiary of ABN AMRO (AALCB).

The transaction, whose financial terms have not been revealed, is pending receipt of regulatory approvals and satisfaction of closing conditions.

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Of late, Benelux Life Run-Off SCS was set up Acathia Capital as the first run-off platform for life insurance companies and life insurance portfolios based in Belgium, with AALCB being its first acquisition.

Upon completion of transaction, Monument Re will assume full ownership over Benelux Life Run-Off SCS, and will seek to further tap the company’s potential in the Belgian market.

The proposed deal marks first takeover for Monument Re in Continental Europe while the company is already active in the Irish market.

Monument Re Group CEO Manfred Maske said: “We have identified the combined Belgian and Luxembourg market as one of our strategic priorities and, through this transaction, we will establish our presence. AALCB will provide a sound platform for further acquisitions of run-off portfolios and entities.”

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Acathia Capital managing partner Thomas Schmitt said: “We are proud of having established the first life run-off platform in Belgium and initiating its first acquisition, after an earlier similar success in the German market.

“Through this transaction, we also secure that under Monument Re stewardship AALCB will be well positioned to fully capture the potential of future opportunities in the Belgian market.”