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November 26, 2021

Chesnara buys Robein Leven to bolster life and pension offerings in Netherlands

UK-based life insurance firm Chesnara has entered into an agreement with Monument Re to acquire Netherlands-based Robein Leven.

The deal was made through Chesnara’s Netherlands-based closed book platform, the Waard Group and includes Robein Leven NV and its subsidiary Robein Effectendienstverlening (Robein).

The acquired firm is a specialist insurer, which offers traditional and linked savings products, mortgages and annuities in the Netherlands.

Chesnara will pay a consideration of £13m in cash for the deal from existing resources within Waard.

At the end of 2020, Robein reported gross assets of £223.8m and a solvency ratio of 211%.

Chesnara expects the acquisition to enhance the scale of its closed book platform in the Netherlands by increasing AUA by 51% to £660.9m and policies by 7% to over 133,000.

Chesnara CEO Steve Murray stated: “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.”

The deal awaits regulatory approval and is expected to close in the first half of 2022.

In September this year, Chesnara brokered a deal to buy Sanlam Life and Pensions UK (SLP).

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