Monument Re sells close life business

Bermudian reinsurer Monument Re is selling Robein Leven, its closed Dutch-domiciled life insurer, to the life and pensions consolidator Chesnara plc. If approved, the transaction will see Chesnara take on Robein Leven and its subsidiary Robein Effectendienstverlening through its Netherlands-based platform, the Waard Group.

Listed on the London Stock Exchange, Chesnara administers about 900,000 life and pensions policies for policyholders in the UK, Sweden and the Netherlands, and managers £8.5bn of funds.

Both Monument Re and Chesnara said they were committed to providing continuity of services during the transition period and will take all necessary steps to prepare for a seamless transfer for policyholders and staff.

Aperghis & Co acted as financial adviser to Monument Re for the deal with Simmons and Simmons providing legal counsel.