Monument Re Completes Acquisition of Portfolio from MetLife Europe d.a.c.
HAMILTON, Bermuda--(BUSINESS WIRE)-- Monument Re announced today that it has, through its European subsidiary Laguna Life d.a.c., completed the acquisition of a run-off portfolio of linked and traditional business from MetLife Europe d.a.c. Terms of the transaction were not disclosed.
In accordance with the approval of the Irish High Court, the portfolio has transferred, as of the 1st April 2019, into Laguna Life d.a.c in Ireland with terms and conditions unchanged.
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 and Holding Company subject to Group Supervision by the Bermuda Monetary Authority. From its base in Bermuda, Monument Re operates as a reinsurer and acquirer of European asset intensive portfolios. Through its strategy, Monument Re looks to assume asset based risks within its risk appetite and efficiently operate these businesses or portfolios.
The Irish subsidiaries of Monument Re trade as Monument Insurance, and includes Laguna Life d.a.c., which is regulated by the Central Bank of Ireland.
The group of companies has established a presence in Bermuda, Ireland, Belgium, Luxembourg and the Netherlands.
Manfred Maske, CEO
Source: Monument Re Limited