Athora announces sale of variable annuity portfolio to Monument Re

Pembroke, Bermuda — Athora Holding Ltd. (together with its subsidiaries, Athora) has agreed to sell the variable annuity portfolio of its wholly-owned subsidiary, Athora Ireland plc (Athora Ireland), to Monument Life Insurance DAC (Monument Life), a wholly-owned, Dublin-based subsidiary of Monument Re Limited (Monument Re) (the sale).

Athora Ireland’s variable annuity portfolio represents approximately €1 billion of assets under management for about 13,000 customers who are predominantly in the United Kingdom. The portfolio has been in run-off since 2017. The sale is expected to close by year end 2021, subject to necessary Irish High Court and regulatory approvals. The terms of the sale were not disclosed.

“We are pleased to have a strong purchaser in Monument Re for our variable annuity portfolio. With this sale, our reinsurance businesses will now fully focus on further growing our pan-European reinsurance solutions,” said Michele Bareggi, Group CEO of Athora.

With the sale of its variable annuity portfolio, Athora Ireland will now focus on further developing Athora’s fast-growing reinsurance business. Tadhg Clandillon, CEO of Athora Ireland said “We will be working together with Monument Life to ensure a smooth transition for our employees, customers and financial advisers. Following completion of the sale, we will focus exclusively on developing our reinsurance business and operations in tandem with Athora’s Bermuda-based reinsurance carrier Athora Life Re Ltd. We see increasing demand for the innovative reinsurance solutions that we can provide to European life insurers seeking to implement capital actions or enact strategic change.”