Monument Re said that Monument International Life Assurance Company (MILAC), its subsidiary in the Isle of Man, has wrapped up the acquisition of the closed book portfolio of the Singapore long term life insurance business of Zurich International Life Limited (ZILL).
The financial terms of the deal were not disclosed.
According to Monument Re, the branch portfolio and employees of ZILL Singapore have moved into MILAC’s Singapore branch after obtaining court and regulatory approvals in the Isle of Man as well as in Singapore.
MILAC, through its Singapore branch, has the authorization to carry out life insurance and continue pursuing growth via acquisitions.
Its parent company, Monument Re is a life insurance reinsurer and insurance holding company based in Bermuda.
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