Monument Re acquires Zurich Singapore’s life business
Employees will be retained by the insurer.
Monument Re has announced that it has reached an agreement with Zurich International Life Limited (ZILL) to acquire the closed book portfolio of its Singapore long term life insurance business.
This comes after Monument International Life Assurance Company Limited (MILAC) was granted a Singapore insurance licence on 27 May. The ZILL Singapore branch portfolio and employees will transfer into the new Singapore branch of MILAC upon receipt of court and regulatory approvals.
MILAC is an Isle of Man insurance company regulated by the Isle of Man Financial Services Authority and 100% owned by Monument Re Limited. It has a Singapore branch for its Isle of Man business.
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