Monument Re, a Bermuda-based re/insurer, has purchased a run-off portfolio of linked and traditional business from Metlife Europe.

Monument Re is supposed to serve as a reinsurance vehicle for the deal initially, with the risk portfolio ultimately set to be transferred to its subsidiary Laguna Life DAC, after securing the court approvals.

The acquired portfolio covers more than 9,000 policies, with assets of about €500m.

Monument Re Group CEO Manfred Maske said: “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 is conditional to satisfaction of customary closing conditions, including receipt of regulatory approvals.

Monument Re has been targeting the run-off and legacy business off late. The company acquired a run-off portfolio, known as the First A Portfolio, from Belgian insurer Ethias in April this year.

In March 2018, Monument Re’s Benelux Life acquired ABN AMRO Life Capital Belgium while the company snapped up Talanx Group’s life insurance subsidiary Aspecta Assurance International Luxembourg in February.

MetLife Europe, an Irish domiciled company, transacts life assurance business and certain non-life business.