A cross-practice team from Cains has acted for Monument Re on the acquisition of the closed book portfolio of Zurich International Life Limited’s (“ZILL”) Singapore long term life insurance business. The acquisition was undertaken by Monument Re’s Isle of Man subsidiary Monument International Life Assurance Company Limited (“MILAC”), with the ZILL Singapore branch portfolio and employees having transferred into the Singapore branch of MILAC.
The transfer was effected in the Isle of Man by way of a scheme of transfer under the Insurance Act 2008, which was complemented by a scheme of transfer in Singapore. The Isle of Man Court sanctioned the transfer on 20 September 2022 and it became effective on 01 November 2022.
The Cains team was led on corporate and regulatory aspects by Scott Leonard-Morgan and on the court transfer scheme aspects by Lindsey Bermingham.
Corporate director Scott Leonard-Morgan commented: “We are delighted to have been able to assist Monument Re and its regulated Isle of Man subsidiary on their acquisition of the business from Zurich. Cains was able to provide co-ordinated advice across its corporate, regulatory and dispute resolution teams to secure the acquisition and we wish Monument Re all the best with the ongoing business.”