Chesnara, a life and pensions consolidator in the UK and Europe, has entered into an agreement to acquire Robein Leven, a specialist provider of traditional and linked savings products, mortgages and annuities in the Netherlands.
The business will be acquired from its current owner, Monument Re, who previously purchased Robein Leven back in 2019.
Chesnara will pay a consideration of £13.0 million in cash, which will be funded from existing resources within Waard, its life and pension business.
Last year, Robein Leven reported gross assets of £223.8 million 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.
“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,” said Steve Murray, Chief Executive Officer of Chesnara.
“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.”
The Robein Leven acquisition is expected to enhance 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.
The transaction is subject to customary regulatory approvals from the Dutch Central Bank (DNB) and the Netherlands Authority for Consumers and Markets (ACM), and is expected to complete in the first half of 2022.
