Monument takes over Luxembourg life insurer Aspecta

Hamilton, Bermuda-based Monument Re has acquired 100% of Luxembourg's Aspecta Assurance International, which stopped taking on new business at the end of 2010.

Financial terms were not disclosed. 

Aspecta, a life insurance company, has branches in Germany, Italy and Spain.

Monument chief executive Manfred Maske said the development and growth of the company's Benelux platform was a key goal. 

The acquisition is "an important foundational step in fulfilling our Benelux strategy", he added. 

Aspecta is Monument's first acquisition in Luxembourg and second in Continental Europe, it said without identifying the other company.

The takeover includes Aspecta's 25% stake in its principal service provider, Quality Insurance Services Luxembourg.

Completion will follow pending regulatory approval.