Monument Re acquires portfolio of Zurich International Life Limited

HAMILTON, Bermuda–(COMMERCIAL WIRE)–Monument Re announced today that it had entered into an agreement with Zurich International Life Limited (“ZILL”) to acquire the closed portfolio of Zurich International Life Limited’s Singapore long-term life insurance business. After Monument International Life Assurance Company Limited (“MILAC”) successfully received an insurance license from Singapore on 27the In May 2022, the portfolio and employees of the ZILL Singapore branch will transfer to the new MILAC branch in Singapore upon receipt of court and regulatory approvals in the Isle of Man and Singapore.

Reginald Peacock, CEO of Zurich Singapore, said: “As in any business, we will always look for ways to improve and opportunities to optimize our business in a way that is respectful of our customers, partners and employees. Please be assured that no other business outside of our Singapore long-term life insurance portfolio will be materially affected and we remain dedicated to serving all of our existing customers and partners.”

Manfred Maske, CEO of Monument Re, added: “We are pleased to have reached an agreement with ZILL to acquire this business block, our second transaction with the wider Zurich group. This transaction represents an important step in Monument’s growth and consolidation strategy by strengthening our presence in the Isle of Man while also establishing our presence in the Singapore market.”

“We are delighted to have reached this agreement with ZILL. The acquisition of this portfolio allows MILAC to secure its first presence in the Asian market and execute our growth and consolidation strategy. We look forward to welcoming transferred staff in Singapore to MILAC and to Monument Re Group in general from the date of transfer.” said Jeffrey More, CEO of MILAC.

Monument Re Limited is a life insurance and reinsurance holding company with a presence in Bermuda, Ireland, Belgium, Luxembourg, the Isle of Man and Guernsey, with branches in Spain, Italy and Germany. Monument Re operates as a reinsurer and acquirer of European asset-intensive portfolios. Through this strategy, Monument Re takes asset-based risks within its risk appetite and efficiently operates these businesses or portfolios.

Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.

Monument International Life Assurance Company Limited is an Isle of Man insurance company regulated by the Isle of Man Financial Services Authority and wholly owned by Monument Re Limited. It has a branch in Singapore for its Isle of Man business (and is therefore subject to regulation in both the Isle of Man and Singapore).

Zurich International Life Limited offers life insurance, investment and protection products and is part of the Zurich Insurance Group. Zurich International Life Limited is fully licensed under the Isle of Man Insurance Act 2008 and is regulated by the Isle of Man Financial Services Authority.

Registered in the Isle of Man number 20126C.

Registered Office: Zurich House, Isle of Man Business Park, Douglas, Isle of Man, IM2 2QZ, British Isles.

Telephone +44 1624 662266

Fax +44 1624 662038

www.zurich.com

Zurich International Life Limited, Singapore Branch, which is registered (registration number: T05FC6754E) as a foreign company registered in Singapore.

Branch Address: Singapore Land Tower, #29-05, 50 Raffles Place, Singapore 048623.

Telephone: +65 6876 6750

Fax: +65 6876 6751

Zurich Insurance Group (Zurich) is a leading multiline insurer serving more than 55 million customers, both individuals and businesses, in more than 210 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering preventive services, such as those that promote wellness and improve climate resilience.

Reflecting its purpose to “create a brighter future together”, Zurich aspires to be one of the most responsible and impactful companies in the world. It has a goal of net-zero emissions by 2050 and is one of the most sustainable insurers in the world, as evidenced by the S&P Global Corporate Sustainability Assessment. In 2020, Zurich launched the Zurich Forest project to support reforestation and restoration of biodiversity in Brazil.

The Group has around 56,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a Tier I American Depository Receipt (ZURVY) program, which trades OTC on OTCQX. More information is available at www.zurich.com.

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For more information, visit www.monumentregroup.com or contact Fiona Davies at info@monumentregroup.com.

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