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ChesnaraAnnouncement

06/09/2014 02:39

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RNS Number : 6262L
Chesnara PLC
07 July 2014 
 
Chesnara plc 
 
Contract with HCL 
 
07 July 2014 
 
Chesnara plc, the life assurance consolidator, is pleased to announce that it
has agreed a new outsourcing contract with HCL Insurance BPO Services Limited
('HCL') which consolidates the services provided in the existing arrangements
and which extends the service for a further 11 years. 
 
The terms agreed are in line with expectations and therefore no financial
impact is expected. 
 
Graham Kettleborough, CEO of Chesnara, said: 'We are pleased to enter into
this new contract with HCL who provide excellent service to us and our
policyholders.' 
 
Justin Harrington, CEO of HCL, said: 'We are delighted have secured this
extension to our relationship with Chesnara and look forward to continuing to
work with them over the coming years.' 
 
Enquiries 
 
Graham Kettleborough, Chief Executive, Chesnara plc - 07799 407519 
 
Roddy Watt, Newgate Threadneedle - 0207 653 9855 / 07714 770 493 
 
Notes to Editors 
 
Chesnara plc ('Chesnara'), which listed on the London Stock Exchange in May
2004, is the owner of Countrywide Assured plc ('CA plc'), Protection Life
Company Limited ('PL') and Movestic Livförsäkringar AB ('Movestic'). 
 
CA plc is a UK life assurance subsidiary that is closed to new business.  In
June 2005 Chesnara acquired a further closed life insurance company - City of
Westminster Assurance - for £47.8m.  With effect from 30 June 2006, CWA's
policies and assets were transferred into CA plc.  Save & Prosper Insurance
Limited and its subsidiary, Save & Prosper Pensions Limited, were acquired on
20 December 2010 for £63.5 million.  With effect from 31 December 2011, the
business of Save & Prosper was transferred into CA plc.  On 28 November 2013
Chesnara acquired Direct Line Life Insurance Company Limited (subsequently
renamed Protection Life Company Limited) from Direct Line Group plc for
£39.3m.  A process to transfer the PL business into CA plc is underway.  CA
plc operates an outsourced business model. 
 
Movestic, a Swedish life assurance company which originally focused on
pensions and savings, was acquired on 23 July 2009 for £20 million.  The
company is open to new business and seeks to grow its position in the Swedish
unit-linked market.  Its proposition was strengthened in February 2010 with
the acquisition of the operations of Aspis Försäkringar Liv AB which has a
risk and health product bias. 
 
This information is provided by RNS
The company news service from the London Stock Exchange