Storebrand ASA: Sale of Nordben Life and Pension Insurance Co. Limited
BenCo Insurance Holding B.V., which is majority owned by Storebrand Livsforsikring AS, has entered into an agreement with Monument Re Limited to sell all of the shares in Nordben Life and Pension Insurance Co. Limited.
"I am very pleased with this solution regarding Nordben. Storebrand, as the majority owner of BenCo, see the acquisition of Nordben as a very positive step for the company going forward. Over the last years, Storebrand has established a partnership model for international solutions and this transaction is the natural next step. The customers and employees will be taken good care of by Monument Re, which has been an important consideration for us during the process. Monument Re has a strong track record of investing in European insurance companies, they know the business well, and will continue to use Guernsey as a location. We look forward to continue working with Nordben under new ownership," says Geir Holmgren, CEO of Storebrand Livsforsikring AS.
Nordben was established in Guernsey in 1985 and was a market leader in the provision of international pension plans to the Nordic industry. The company has been closed to new business in recent years and has a closed portfolio of around 7,500 policies with assets of SEK 6 billion.
Monument Re is a Bermuda based reinsurer established to operate as an asset intensive reinsurer and acquirer principally in Europe. Monument Re is backed by high quality shareholders which include Hannover Re, the world’s third largest reinsurer, NYSE listed Enstar, a leading P&C run-off consolidator, and E-L Financial, the parent company of Canadian life insurer Empire Life.
The transaction is expected to have a positive impact of 0.8 percentage points on Storebrand Group's solvency margin and limited result impact.
Completion of the transaction is subject to regulatory approvals and is expected to conclude in Q1 2019.
Lysaker, 21 December 2018
Contact persons:
CFO, Lars Aa. Løddesøl:
lars.loddesol@storebrand.no
(+47) 934 80 151
CEO Storebrand Livsforsikring AS, Geir Holmgren:
geir.holmgren@Storebrand.no
(+47) 934 80 151
Head of Investor Relations, Kjetil Ramberg Krøkje:
kjetil.r.krokje@storebrand.no
(+47) 934 12 155
Storebrand's ambition is to be the best provider of saving for pensions. Storebrand will deliver sustainable solutions adapted to the customer's individual situation, so that each person receives a better pension in a more sustainable world. Storebrand has about 40.000 corporate customers and 2 million individual customers, and is headquartered in Lysaker outside of Oslo, Norway. Storebrand manages more than NOK 700 bn and is Norway's largest asset manager. We work hard to reach our vision: Recommended by our customers. Storebrand (STB) is listed on Oslo Stock Exchange.
Visit us at www.storebrand.no and follow us on twitter: @Storebrand_no
This announcement is subject to information pursuant to the Securities Trading Act § 5-12