Life insurer Chesnara, through its existing Netherlands-based closed book operation, the Waard Group, has agreed to acquire a portfolio of life insurance business in run-off from the Dutch branch of Belgian-owned Argenta Bank-en Verzekeringsgroep N.V.. The transaction will see the transfer of a portfolio of approximately 44,000 term and savings policies for a consideration of €29.2m (approximately £25m), to be paid in cash funded from existing reserves within Waard. John Deane, chief executive, Chesnara stated: 'This is a very pleasing acquisition for Chesnara. It will create material operating synergies with the existing Dutch business and, after the Monuta portfolio, it is the second deal that will be integrated into, and add value to, our Dutch closed-book platform Waard Group. 'The business is well capitalised, cash generative and profitable, while fulfilling our acquisition strategy of being economic value accretive, operating within our core target markets and offering a strong strategic fit at an attractive discount.'
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