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Friday, February 23, 2024

Monument Re shareholders discover sale to personal fairness gamers   

Monument Re is present process a sale course of that would end in a personal fairness group gaining majority management of the enterprise, reported Reuters, citing sources.  

Shareholders together with US insurer Enstar Group and Monument Re Chairman Jonathan Yates, together with Caspar Berendsen, a former govt at Cinven, are anticipated to divest their shares to a brand new investor, the sources mentioned.  

The brand new majority investor can be anticipated to offer extra capital to the Bermuda-based firm, they added. 

Hannover Re, one other shareholder, has indicated that it doesn’t intend to promote its shares right now.  

Each Enstar and Yates didn’t reply to requests for remark.  

Berendsen and Hannover Re additionally declined to touch upon the matter. 

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By GlobalData

Monument Re specialises in buying legacy life insurance coverage portfolios from firms corresponding to AXA and Allianz and operates throughout varied European nations.  

Final 12 months in August, the information company reported that Monument Re’s house owners engaged Citi and Fenchurch Advisory to think about strategic choices.  

The sale course of started following a decline within the firm’s solvency ratio.  

In 2022, Monument Re’s solvency ratio stood at 167%, which was above the regulatory minimal however considerably lower than 299% in 2021. 

The potential sale additionally comes at a time when regulatory our bodies together with the Worldwide Financial Fund are rising their oversight of the life insurance coverage business, expressing issues in regards to the rising affect of personal capital.  

Notably, final 12 months the Italian Authorities needed to facilitate the rescue of Eurovita, a life insurance coverage firm that confronted difficulties below the possession of personal fairness investor Cinven. 

In January 2024, Monument Re’s house owners started distributing advertising and marketing supplies to potential consumers, formally initiating the sale course of.  

Amongst these invited to bid have been various asset managers with established insurance coverage platforms, corresponding to Brookfield, Carlyle, KKR and Sixth Avenue, the sources mentioned. 

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