Monument Re buys run-off portfolio from Metlife

Bermuda-based reinsurer Monument Re has acquired a run-off portfolio of linked and traditional business from Ireland-domiciled Metlife Europe, initially through reinsurance to Monument Re, followed by the transfer of the portfolio to Laguna Life, upon receipt of court approvals.

The acquired portfolio covers in excess of 9,000 policies, with assets of approximately €500 million.

“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,” said Monument Re Group CEO Manfred Maske.