10 July 2019

Carey Olsen advises on sale of Nordben Life and Pension Insurance

A cross-practice team from Carey Olsen has advised BenCo Insurance Holding B.V. (BenCo) on its sale of Nordben Life and Pension Insurance Co. Limited (Nordben) to Bermudian reinsurer Monument Re.

The deal, which was first announced at the end of last year, has now completed after gaining the necessary regulatory approval from the Guernsey Financial Services Commission. Nordben, a Guernsey-based company, is licensed to carry out long-term and general insurance business but has been closed to all new business since early 2016.

Carey Olsen acted as lead counsel on the sale and supported BenCo throughout all stages of the transaction, including establishing an auction sale process, putting together all bid documentation, drafting and negotiating the sale and purchase agreement, and advising on all regulatory and data privacy aspects. The team was led by corporate partner Tony Lane and trusts and private wealth partner Konrad Friedlaender, with support from senior associate Arya Hashemi (corporate) and associate Alexandra Gill (trusts and private wealth).

Tony said: "Having advised the Nordben business in Guernsey for many years, we are delighted to have assisted BenCo on its successful sale. The deal is a perfect example of our M&A offering which is enhanced by the depth of our expertise in a number of complementary practice areas, including pensions, insurance and data protection."

BenCo's Paul Cutter added: "Carey Olsen's M&A team has a proven track record and we were confident in the firm's ability to take the lead role on this transaction owing to its ability to field expert lawyers across different practice areas and specialisms."

Terms of the transaction were not disclosed.