Monument Re announces today that it has signed a definitive agreement to acquire Inora Life DAC from Societe Generale. The closing of the transaction is subject to regulatory approval. Inora Life is a life insurer domiciled in Ireland, which has ceased all new activity since 2012, but still manages a portfolio of unit-linked insurance products. The transaction will have no impact on Inora Life DAC clients policyholders.
Manfred Maske, CEO of Monument Re Group, said that "We are pleased to have been able to work with Societe Generale and to be able to announce this transaction. The acquisition of Inora aligns with our growth and consolidation strategy in Ireland."
Change of control of the company will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.
About Societe Generale
Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth, aiming to be the trusted partner for its clients, committed to the positive transformations of society and the economy.
Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 147,000 members of staff in 67 countries and supports on a daily basis 31 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses: French Retail Banking, International Retail Banking, Insurance and Financial Services to Corporates, and Global Banking and Investor Solutions.
Societe Generale is included in the principal socially responsible investment indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (World, Europe and Eurozone), four of the STOXX ESG Leaders indices, and the MSCI Low Carbon Leaders Index.
About Monument Re and Monument Insurance
Monument Re Limited ("Monument Re") is a Class E reinsurer and Holding Company subject to Group Supervision by the Bermuda Monetary Authority. From its base in Bermuda, Monument Re operates as a reinsurer and acquirer of European asset intensive portfolios. Through its strategy, Monument Re looks to assume asset based risks within its risk appetite and efficiently operate these businesses or portfolios.
The Irish subsidiaries of Monument Re trade as Monument Insurance, and includes Laguna Life d.a.c., which is regulated by the Central Bank of Ireland.
The group of companies has established a presence in Bermuda, Ireland, Belgium, Luxembourg and the Netherlands.
To learn more, please visit www.monumentregroup.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190328005107/en/
Contacts:
Manfred Maske, CEO
info@monumentregroup.com
+1 (441) 400-9300
