Bermuda-based reinsurer Monument Re has agreed to divest Robein Leven N.V. and its subsidiary Robein Effectendienstverlening to Chesnara plc, a UK-based life and pensions consolidator, for £13 million.

Chesnara will acquire the businesses through the Waard Group, its existing Netherlands-based closed book platform.

Based in the Netherlands, Robein Leven is a closed life insurer that offers conventional and linked savings products, annuities, and mortgages.

In 2020, Robein Leven reported £223.8 million in gross assets. Since 2018, Robein Leven has been operating on a fully closed-book basis.

Post-acquisition, the closed life insurer will be integrated within Waard.

Steve Murray — CEO of Chesnara said: “We are delighted to announce the acquisition of Robein Leven; our sixth acquisition in the Netherlands since 2015, the fourth of these for Waard, our closed book consolidator in the Netherlands.

“This transaction provides attractive returns for our shareholders and further reaffirms the focus we have on our acquisition strategy. We remain optimistic about the opportunities for further deals in the Netherlands and elsewhere. We look forward to welcoming Robein Leven customers and employees to Chesnara.”

Monument Re and Chesnara for providing continuity of services during the transition period are expected to take all the required measures to prepare for a smooth transfer for policyholders as well as staff.

The deal, which is subject to regulatory approvals and the meeting of customary closing conditions, is expected to close in the first half of next year.

Monument Re’s financial adviser was Aperghis & Co, while Simmons and Simmons was its legal counsel.

  Chesnara, Insurance acquisition news, Insurance industry news, life insurance, Monument Re, Robein Effectendienstverlening, Robein Leven, Steve Murray, The Netherlands, Waard Group