Bermuda-based MetLife International Insurance is being bought by Northstar Financial Services (Bermuda).

MetLife International is a subsidiary of MetLife, a leading provider of insurance and financial services with operations in the US and Latin America, Europe and Asia Pacific. The parent company is the biggest life insurer in the US.

Northstar insurance has more than $1 billion in US assets, it is a global leader in offering financial; products to non-US clients, such as investments, life insurance and annuities.

"The addition of this business to our current portfolio further strengthens our position as a global leader in off-shore investments. It is a natural fit with our core capabilities and we look forward to supporting our new customers with highly innovative and flexible solutions for their financial needs," said Dan Gray, founder and chairman of Northstar, and a former senior executive with AXA Financial.

In an announcement Northstar and MetLife said they had entered into an agreement to sell Bermuda-based Metlife International to Northstar with the transaction expected to close in mid-April, subject to regulatory approval.

In January, 2006 Northstar, which has offices in Victoria Street, Hamilton, bought Bermuda-based subsidiary Nationwide Financial Services, which had more than $1.4 billion in assets.