Cleary Gottlieb represented global life insurance reinsurer and insurance holding company Monument Re (Monument) in the acquisition by its subsidiary MAB Assurance Belgium (MAB) of a run-off life insurance portfolio with BEGAAP provisions of approximately €2.6 billion from AXA Belgium.
The transaction was announced on December 21, 2021, and closed on October 31, 2022, after the relevant regulatory approvals had been obtained.
Founded in 2017, Monument has quickly built a proven track-record in acquiring and operating capital-intensive insurance portfolios or direct insurers in Europe, primarily those in run-off. Monument is headquartered in Bermuda and has subsidiaries in Ireland, Belgium, Luxembourg, Isle of Man, and Guernsey, and branches in Spain and Italy. 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.
AXA Belgium is the Belgian insurance subsidiary of the France-based international financial conglomerate AXA Group, active in 54 countries with 153,000 employees. AXA Belgium is an insurance undertaking with about 3,200 brokers, 450 banking agents, and 3,200 employees who service 2.9 million customers in Belgium. In 2020, AXA Belgium achieved a turnover of €3.3 billion and an operating result of €378 million.
For more information, please see the press release here.