Sale of guarantees portfolio to Monument Life

No, Athora is not selling the portfolio because of Brexit. Athora wants to focus its Irish operations on the growth of its reinsurance solutions business as well as being home to some of Athora’s Corporate Centre teams. Managing and operating the guarantees portfolio requires an operational capability that does not match our strategy for our Irish operations.

Under Irish law, the Irish High Court must give approval to the transfer of a portfolio of insurance policies such as this one before it can take place.  The purpose of the approval is to ensure policyholders are protected. The process takes between 6-9 months.

Athora Holding Ltd., the ultimate parent company of Athora Ireland plc, has agreed to sell Athora Ireland’s portfolio of guarantee products to Monument Life Insurance DAC (Monument Life). This transaction is through a portfolio transfer which is subject to approval by the Central Bank of Ireland and the Irish High Court.

We expect that the transaction will complete around year-end 2021. This transaction is through a portfolio transfer which is subject to approval by the Central Bank of Ireland and the Irish High Court. 

Athora wants to focus its Irish operations on the growth of its reinsurance solutions business as well as being home to some of Athora’s Corporate Centre teams. Managing and operating the guarantees portfolio requires an operational capability that does not match our strategy for our Irish operations.

You can visit the Monument Re website at: https://www.monumentregroup.com/

You can find information about Monument Life Insurance at: https://www.monumentregroup.com/about-monument-re/about-ie/monument-life-insurance-dac/

Monument Life Insurance DAC is a financially secure insurance company. It has a solvency cover that comfortably exceeds the minimum level required by Central Bank of Ireland regulations.

Monument Life has a range of insurance portfolios including guarantee products. It employs people with experience in managing guarantees and has the business processes in place to do so

Monument Life Insurance DAC is an Irish insurance company and is regulated by the Central Bank of Ireland. It is part of Monument Re, a life Reinsurance and Insurance Holding Company with a presence in Bermuda, Ireland, Belgium, Luxembourg, The Netherlands, the Isle of Man and Guernsey, with branches in Spain, Italy, France and Germany.

We expect the policies to transfer to Monument Life around year-end 2021. However, this is subject to High Court and regulatory approval.

All Athora Ireland guarantee products are included in the proposed transfer to Monument Life. For policyholders in the UK, these are: 5 for Life, Secure Capital, Secure Income, Secure Lifetime Income and Secure Trustee Investment.

There are no changes to the policies. We will continue to service the policies as normal until the proposed transfer takes place. After transfer, Monument Life has indicated that they are committed to servicing policyholders to high standards.

In the short term:

• You will not need to make any changes or take any action in relation to you/your client’s policy as a result of this announcement.
• Our contact details are unchanged. You will have access to our online services, and we will continue to service our customers and advisers until the proposed transfer takes place. Thereafter, Monument Life will be responsible for servicing of policies.

We will write to you later in the year with updates about the proposed transfer.

Yes. The guarantees will continue to be provided by Athora Ireland until the proposed transfer takes place. Thereafter, Monument Life will be responsible for providing the guarantees.

Yes, the FSCS will continue to apply for UK policyholders while customers of Athora Ireland. Monument Life has confirmed that the policies would continue to be covered by the provisions of the FSCS, following the proposed transfer.

This transaction is through a portfolio transfer which is subject to approval by the Central Bank of Ireland and the Irish High Court. The rights of policyholders will be described in the written communication which we will send to you later in the year as directed by the Irish High Court.

Monument Life is regulated by the Central Bank of Ireland.

There will be no change to the regulator for these products. Athora Ireland is an Irish regulated insurance company, and our primary regulator is the Central Bank of Ireland (CBI).  This will not change under Monument Life’s ownership. Monument Life is also an Irish-regulated insurance company, and its primary regulator is the Central Bank of Ireland (CBI).

We expect there to be no changes.

Athora Ireland remains committed to servicing your policy as usual until the proposed transfer takes place. There are no servicing changes prior to the proposed transfer to Monument Life. After transfer, Monument Life has indicated that they are committed to servicing policyholders to high standards.

Yes, you can continue to use Athora’s online services as normal. We will write to you in due course to let you know when this changes to Monument Life.

No, you do not need to take any immediate action as a result of this announcement. We will write to you regarding details of the transfer of the portfolio later in the year.

Athora Ireland is committed to servicing your policy to our usual high standards until the proposed transfer takes place. Therefore, please continue to contact the Athora Ireland team for any queries relating to your policy and this proposed transfer.

Our contact details are:

Phone: 08456 000 173 (from the UK)

00 353 1 673 8840 (from outside the UK)

Email: client.relations.ai@athora.com

We will write to you regarding details of the transfer of the portfolio later in the year and will provide details of the contact details for Monument Life once the transfer completes.