Monument Re acquires Nordben Life and Pension Insurance Co. Limited from BenCo Insurance Holding B.V.

Monument Re announced today that, subject to regulatory approval, it has acquired Nordben Life and Pension Insurance Co Limited (“Nordben”) from BenCo Insurance Holding B.V., which is owned 89.96% by Storebrand Livsforsikring AS.

Manfred Maske, CEO of Monument Re Group, said:

We are pleased to announce the acquisition of Nordben which establishes our presence in Guernsey. We look forward to welcoming the Nordben team to the Monument Group as we look to continue growing the business regionally. Equally important is to maintain the high level of service to Nordben customers going forward.

Geir Holmgren, CEO of Storebrand Livsforsikring AS said:

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. The customers and employees will be taken good care of by Monument Re, which has been an important consideration for us during the process

Nordben represents Monument Re’s eighth acquisition in Europe. Completion of the acquisition will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.

About Nordben

Nordben, a Guernsey-based company, is licensed to carry out long-term and general insurance business, including domestic business,  subject to regulation by the Guernsey Financial Services Commission. Nordben has been closed to all new business since early 2016.

About Monument Re

Monument Re Limited (“Monument Re”) is a Class E reinsurer and Holding Company subject to Group Supervision by the Bermuda Monetary Authority.  Monument Re is a Bermuda based reinsurer established to operate as an asset intensive reinsurer and acquirer principally in Europe.

The group of companies has established presence in Bermuda, Ireland, Belgium, Luxembourg and the Netherlands (subject to regulatory approval).

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