Contract with HCL

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.

 

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