The shareholders of Monument Re, a Bermuda-based life reinsurance and insurance holding company, have launched a sale process that could see a private equity group take control of the company, according to a report from Reuters citing people familiar with the matter.
The report cites three people who shared that US insurer Enstar Group, Jonathan Yates, Chairman at Monument Re, and Caspar Berendsen, former Head of Financial Services at private equity firm Cinven, are expected to sell shares to a new majority investor. Hannover Re, another shareholder and the world’s third largest reinsurer, is not currently planning to sell shares.
Monument Re operates in several European countries and has completed acquisitions of closed life insurance portfolios from AXA, Allianz and Société Générale.
