REG - Chesnara PLC - Acquisition

ChesnaraAnnouncement

16/12/2022 07:00

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RNS Number : 8354J  Chesnara PLC  16 December 2022

 LEI Number: 213800VFRMBRTSZ3SJ06

 

 

 

CHESNARA plc (CSN.L)

 

16 December 2022

 

 

UPDATE ON THE ACQUISITION OF CONSERVATRIX'S INSURANCE PORTFOLIO

 

 

Following the announcement on 22 July 2022 of the proposed acquisition of the
insurance portfolio of Nederlandsche Algemeene Maatschappij van
Levensverzekering "Conservatrix" N.V. ("Conservatrix"), Chesnara plc
("Chesnara") (CSN.L) is pleased to announce that it has now received all
necessary Court and Regulatory approvals for the transaction.

 

The acquisition will formally complete on 1 January 2023. The insurance
portfolio will be acquired by Waard Leven N.V., Chesnara's Dutch closed book
operation.

 

 

Steve Murray, Chief Executive Officer of Chesnara, stated:

 

"We are delighted to receive the necessary Court and Regulatory approvals for
the acquisition of Conservatrix's insurance portfolio and to be able to
welcome the Conservatrix customers and staff to the Chesnara Group from the
start of 2023.  We recognise that the bankruptcy of Conservatrix has caused
significant uncertainty for its customers and employees, but we hope that the
acquisition provides certainty and a clear way forward for them.

 

"We believe that acquisition opportunities across our target markets remain
strong, and we continue to be highly confident in our ability to finance and
execute such transactions on attractive terms for both vendors and our
shareholders."

 

 

For further information, please contact:

 

Investor Enquiries

Sam Perowne

Head of Strategic Development & Investor Relations

Chesnara plc

E - sam.perowne@chesnara.co.uk (mailto:sam.perowne@chesnara.co.uk)

 

Media Enquiries

Roddy Watt

Director, Capital Markets

FWD

T - 020 7280 0651 / 07714 770 493

E - roddy.watt@fwdconsulting.co.uk (mailto:roddy.watt@fwdconsulting.co.uk)

 

 

 

Notes to Editors

Chesnara (CSN.L) is a European life and pensions consolidator listed on the
London Stock Exchange.  It administers approximately one million policies and
operates as Countrywide Assured and CASLP in the UK, as The Waard Group,
Robein Leven N.V. and Scildon in the Netherlands, and as Movestic in Sweden.

 

Following a three-pillar strategy, Chesnara's primary responsibility is the
efficient administration of its customers' life and savings policies, ensuring
good customer outcomes and providing a secure and compliant environment to
protect policyholder interests. It also adds value by writing profitable new
business in Sweden and the Netherlands and by undertaking value-adding
acquisitions of either companies or portfolios.

 

Consistent delivery of the Company strategy has enabled Chesnara to increase
its dividend for 18 years in succession.

 

Further details are available on the Company's website (www.chesnara.co.uk
(http://www.chesnara.co.uk/) ).

 

 

 

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