Carey Olsen advises on Nordben sale

Thursday 11 July 2019

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

The deal, which was first announced at the end of last year, is now complete after gaining the necessary regulatory approval from the Guernsey Financial Services Commission.

Guernsey-based company Nordben is licensed to carry out long-term and general insurance business but 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 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 and Associate Alexandra Gill.

"Having advised the Nordben business in Guernsey for many years, we are delighted to have assisted BenCo on its successful sale," said Mr Lane. "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.

Pictured top: Tony Lane.