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Manfred Maske of Monument Re said the reassurer’s purchase of Covéa’s Amell business would strengthen his firm’s footprint in the grand duchy. Photo credit: Monument Re Limited 

Based in Bertrange, Amell focuses on the wealth management segment of Luxembourg’s life insurance market. It started operations in 1989 and employs roughly 25 staff.

Covéa is large mutual insurance group headquartered in Paris best known for its GMF, Maaf and MMA brands.

Monument Assurance Luxembourg is a unit of Monument Re, the Bermuda-based reinsurer which operates in several European markets.

“This transaction represents an important step in our consolidation strategy by further strengthening our presence in Luxembourg,” Manfred Maske, CEO of Monument Re, stated in a press release on 12 May.

“The transaction will have no impact on Amell clients and policyholders,” the announcement stated.

Financial terms of the deal were not disclosed. The acquisition requires regulatory approval.