LONDON, UK: Chesnara Plc has entered into an agreement with Monument Re Group to acquire Robein Leven, a specialist provider of traditional and linked savings products, mortgages and annuities in the Netherlands. It is expected to complete in the first half of 2022.
Chesnara plc, through its existing Netherlands-based closed book platform, the Waard Group, has agreed to acquire 100% of the shares of Robein Leven N.V. and its subsidiary (Robein Effecten Dienstverlening), a specialist provider of traditional and linked savings products, mortgages and annuities in the Netherlands, from Monument Re Group.
The transaction consideration of £13.0 million will be paid in cash at completion and will be funded from existing resources within Waard.
For the year ended 31 December 2020, Robein Leven reported gross assets of £223.8m and was well capitalised with a solvency ratio of 211%. The business has been operating on a fully closed-book basis since 2018. Following completion, the business will be integrated within Waard.
The transaction is subject to customary regulatory approvals from the Dutch Central Bank (DNB) for the change of control and from the Netherlands Authority for Consumers and Markets (ACM) for Antitrust clearance.
Robein Leven enhances the scale of Chesnara’s existing Dutch closed book platform by increasing AUA by 51% to £660.9 million and policies by 7% to over 133,000.
Commenting on the Transaction, Steve Murray, Chief Executive Officer of Chesnara 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. We look forward to welcoming Robein Leven customers and employees to Chesnara.”
Chesnara is a life and pensions consolidator listed on the London Stock Exchange. It administers approximately 900,000 policies with approximately £8.7 billion of assets under management as at 30 June 2021, with those assets spread broadly equally across businesses in the UK, the Netherlands and Sweden. Chesnara operates as Countrywide Assured in the UK, as The Waard Group and Scildon in the Netherlands, and as Movestic in Sweden. www.chesnara.co.uk