Bermudian reinsurer Monument Re has announced the acquisition of a run-off portfolio consisting of linked and traditional life insurance business from Ireland-domiciled Metlife Europe DAC.
Monument Re is to act as a reinsurance vehicle for the deal initially, with the risk portfolio ultimately set to be transferred to its subsidiary Laguna Life DAC, upon receipt of court approvals.
The portfolio covers in excess of 9,000 policies, with assets of approximately €500 million (£438 million).
Chief Executive Officer (CEO) of Monument Re Group, Manfred Maske, commented, “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.
In recent months Monument Re has been active in the run-off and legacy space.
The firm announced it would be acquiring Laguna Life DAC, the Irish life assurance operations of Enstar Group last August, a Belgian life insurance focused run-off vehicle of ABN AMRO in September, taking ownership of life insurer Aspecta Assurance International Luxembourg S.A. in January of this year, and agreeing to acquire a run-off portfolio of flexible premium retail life insurance contracts from Belgian insurer Ethias S.A. in April.
