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Monument Re agrees to buy Nordben Life & Pension Insurance from Storebrand unit

Monument Re Ltd. agreed to acquire Guernsey-based Nordben Life & Pension Insurance Co. from Benco Insurance Holding BV, which is majority-owned by Norwegian insurer Storebrand ASA.

The deal is subject to regulatory approvals and is expected to conclude in the first quarter of 2019, Storebrand said Dec. 21.

The transaction is expected to have a positive impact of 0.8 percentage point on Storebrand group's solvency margin and limited impact on its results.

Nordben Life & Pension Insurance has been closed to all new business since early 2016.