HAMILTON, Bermuda--(BUSINESS WIRE)--Monument Re announced today that, subject to regulatory approval, it has acquired a run-off portfolio of linked and traditional business from Metlife Europe d.a.c. initially through reinsurance to Monument Re followed, upon receipt of court approvals, by the transfer of the portfolio to Laguna Life d.a.c. The portfolio covers in excess of 9,000 policies, with assets of approximately €500m.
Manfred Maske, CEO of Monument Re Group, said that “We are pleased to announce this transaction, subject to regulatory approval, as we continue to execute our Ireland consolidation strategy and firmly establish our long-term presence there.”
Transfer of the portfolio will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.
About MetLife Europe d.a.c.
MetLife Europe d.a.c. is an Irish incorporated entity domiciled in Ireland and is authorised by the Central Bank of Ireland to transact life assurance business and certain non-life business.
MetLife Europe d.a.c. has branches in the UK, Italy, Spain, Portugal, France, Bulgaria, Slovakia, Czech Republic, Hungary, Cyprus and Romania. MetLife Europe d.a.c. also operates via Freedom of Service in Poland, Greece, Norway, Germany, Austria, and the Netherlands.
MetLife Europe d.a.c’s regulatory supervisor is the Central Bank of Ireland.
Further information about MetLife Europe can be found at www.metlife.eu.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About Monument Re and Monument Insurance
Monument Re Limited (“Monument Re”) is a Class E reinsurer subject to Group Supervision by the Bermuda Monetary Authority. Monument Re is a Bermuda based reinsurer established to operate as an asset intensive reinsurer and acquirer in Europe.
The Irish subsidiaries of Monument Re trade as Monument Insurance and include Laguna Life d.a.c. which is regulated by the Central Bank of Ireland.