REG - Chesnara PLC SS&C Technologies - New strategic partnership for Chesnara Plc

ChesnaraAnnouncement

22/05/2023 07:00

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RNS Number : 0858A  Chesnara PLC  22 May 2023

 LEI Number: 213800VFRMBRTSZ3SJ06

 

22(nd) May 2023

 

CHESNARA plc
("Chesnara" or "the Company")

 

Chesnara Plc enters into a long-term strategic partnership with SS&C
Technologies

 

Chesnara plc, the European life and pensions consolidator, announces a long
term strategic partnership with FinTech market leader SS&C Technologies
("SS&C"), a global provider of software and technology services to the
financial service industry, to provide policy administration services to
Chesnara's UK division.

 

SS&C's front-to-back office servicing of Chesnara's UK books of business
will be delivered via its strategic life and pensions operating model powered
by leading-edge technology solutions. Their scale, expertise and knowledge
will be key in supporting Chesnara's growth ambitions, particularly as it
seeks further acquisitions in the UK market. The partnership with SS&C
will enhance Chesnara's overall migration and integration capabilities whilst
delivering cost-efficient policy administration for existing and future books
of business for the long-term.

 

As a result of the partnership, a number of Chesnara's Bristol-based employees
will transfer to SS&C, where they will remain integral to the delivery of
customer service.

 

Ken Hogg, Chief Executive of Chesnara UK, commented:

 

"We are delighted to be announcing this strategic partnership with SS&C,
which will provide us with access to a modern, flexible and cost efficient
policy administration service as well as wider capabilities within the
SS&C Group.  The partnership will also ensure we can continue to deliver
a high level of customer service for customers over the longer term.  And for
our Chesnara colleagues who will join SS&C later this year, SS&C will
be a great place for them to continue their careers."

 

Steve Murray, Group Chief Executive of Chesnara plc, added:

 

"Entering into this strategic partnership is an important step for our UK
business and the Group. We believe the acquisition opportunities across our
target markets remain strong, including in the UK, and this partnership will
help support Chesnara in executing such transactions on attractive terms for
both vendors and our shareholders.  We are looking forward to working closely
with the SS&C team on these exciting opportunities."

 

Nick Wright, CEO International, Head of Global Investor and Distribution
Solutions SS&C, commented:

 

"We are excited to enter into this strategic partnership with Chesnara and
look forward to welcoming their talented servicing team on board. Together, we
are well positioned to support Chesnara in pursuing their ambitious growth
agenda in UK life and pensions. The partnership also supports our wider
ambitions to increase the scale of our strategic insurance servicing business
and to further differentiate across policy and investment administration
servicing. The relationship will broaden our financial services footprint in
the UK, where we are already a leading provider of services in wealth
management and assessment management."

 

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 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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