Bermudian-based Monument Re has agreed to sell Robein Leven N.V. and its subsidiary Robein Effectendienstverlening to Chesnara plc through its existing Netherlands-based platform, the Waard Group.

The company said Robein Leven is a closed life insurer domiciled in the Netherlands with traditional and linked savings products, mortgages and annuities.

It added that both Monument Re and Chesnara are committed to providing continuity of services during the period of transition and will take all steps necessary to prepare for a seamless transfer for policyholders and staff.

Change of control of the companies will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.

Re/insurer and asset consolidator Monument Re has a presence in Bermuda.

The Monument Re Group also operates through its subsidiaries in Belgium, the Netherlands, Ireland, Isle of Man, Guernsey, and Luxembourg, with branches in Spain, Italy and Germany.

Monument Re is subject to group supervision by the Bermuda Monetary Authority.