MONUMENT RE BUYS LIFE INSURER FROM COVéA

Bermuda-based reinsurer and legacy acquirer Monument Re is to buy a life insurer from French Mutual Insurance Group Covéa. Subject to regulatory approval, Monument Assurance Luxembourg will acquire Covéa subsidiary AME Life Luxembourg, which has a presence in Luxembourg, Belgium and Italy. Financial terms of the transaction were not disclosed. Manfred Maske, chief executive of Monument Re, said: “This transaction represents an important step in our consolidation strategy by further strengthening our presence in Luxembourg”.