(Alliance News) - Chesnara PLC on Thursday reported its purchase of insurance group Robein Leven in a GBP13.0 million cash deal.
The Hague, Netherlands-based Robein is a specialist provider of savings products, mortgages and annuities.
The deal adds further scale to Chesnara's Netherlands business by increasing assets under management by 51% and policies by 7%, the company explains.
Preston, England-based pensions and insurance firm Chesnara said Robein is well capitalised and expected to generate incremental annual cash of around GBP2 million.
"We are delighted to announce the acquisition of Robein Leven; our sixth acquisition in the Netherlands since 2015," commented Chief Executive Steve Murray. "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."
Shares in the company were 0.1% lower at 285.34 pence each in London on Thursday morning.
By Will Paige; willpaige@alliancenews.com
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Chesnara (CSN)