Monument Re wraps up acquisition of Bermuda-based GreyCastle
Monument Re, a Bermuda-based life reinsurance and insurance holding company, has wrapped up its previously announced acquisition of GreyCastle and its subsidiaries, which include GreyCastle Life Reinsurance (SAC) and GreyCastle Services.
The acquisition, which was announced in late March, was completed after getting regulatory approval from the Bermuda Monetary Authority. Financial terms of the deal have been undisclosed.
Domiciled in Bermuda, GreyCastle is engaged in managing a portfolio of annuity and life risks of about $4 billion. It was established in 2014 by a group of institutional investors to reinsure a substantial block of XL Life Reinsurance life and annuity risks.
At the time of signing the deal, Manfred Maske – CEO of Monument Re Group said: “This transaction represents a significant strategic milestone for Monument Re and is especially pleasing given the challenge of current conditions arising from the Coronavirus. We look forward to welcoming the GreyCastle team to the Monument Group as we continue growing our business internationally.”