Directorate Change

RNS Number : 6208V

Chesnara PLC

16 January 2013

 

Chesnara plc Directorate Change

16 January 2013

For immediate release

Non Executive Director Changes

Chesnara plc is pleased to announce the appointment of Veronica France and David Brand as Non Executive Directors of Chesnara plc with effect from 16 January 2013. Both will become members of the Audit and Risk, Nomination and Remuneration Committees and join the Board of Countrywide Assured plc ('CA') - Chesnara's UK subsidiary. Veronica will also join CA's With Profits Committee whilst David will join the Board of Chesnara's Swedish subsidiary - Movestic Livförsäkring AB.

Veronica is currently a Non Executive Director of Family Assurance where she sits on their Risk and Audit and Nominations Committees and chairs their Remuneration Committee.    Since 1992 Veronica has run her own financial services consultancy business advising on strategy, business development, product development  and related activities. Prior to that she held various positions in the life assurance industry. Veronica was Chairman of the trade body, the Investment and Life Assurance Group in 2002/3 and served on its Management Committee for over ten years before stepping down in 2010.

David is a qualified actuary who, prior to his retirement in June 2012, had worked for the Hannover Re Group in  the UK, acting as the Managing Director of the UK life reinsurance subsidiary since 2003.  David had been with the company since 1988, and a Director since 1990. Latterly, David's primary focus was corporate strategy,capital management, business planning and growth. During his career David has also held various roles with the Institute of Actuaries, including being a member of Council and he also served on the ABI Health Committee from 2006 to 2012.

Both appoinments are subject to approval by the Financial Services Authority.

Mike Gordon and Terry Marris, who have been Non Executive Directors of Chesnara plc since its inception in 2004, will both stand down with effect from the date of the Company's AGM on Friday 17^th May.

Peter Mason, Chairman said:

'I am delighted to be able to announce the appoinment of Veronica and David to our Board. They both bring extremely valuable experience, knowledge  and skills which will, I am sure, be of significant benefit to the Group. We look forward to working with  them and benefiting from the contribution they will undoubtedly make.

'I would like to take this opportunity to note the valuable contribution that both Mike and Terry have brought to the considerable success the Group has had since we listed on the London Stock Exchange in 2004. This has, in no small part, been due to the wisdom and commitment they have demonstrated during their tenure. The Board thanks them on behalf of shareholders, and wishes them every success for the future.' 

There are no disclosures required pursuant to paragraph 9.6.13R (1) - (6) of the Listing Rules.

Enquiries

Graham Kettleborough

Chief Executive, Chesnara plc  - 07799 407519

Michael Henman, Cubitt Consulting - 0207 367 5100

Notes to Editors

Chesnara plc, which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc ('CA') and Movestic Livförsäkringar AB ('Movestic').

CA is a UK life assurance subsidiary that is substantially closed to new business. In June 2005 Chesnara acquired a further closed life insurance company - City of Westminster Assurance ('CWA')and with effect from 30 June 2006, CWA's policies and assets were transferred into CA. Save & Prosper Insurance Ltd and its subsidiary Save & Prosper Pensions Ltd (together 'S&P') were acquired on 20 December 2010. S&P was closed to new business prior to acquisition and it operates an outsourced business model which is complementary to Chesnara's existing UK operations. With effect from 31 December 2011, the business of S&P was transferred into CA.

Movestic, a Swedish life assurance company which originally focused on pensions and savings, was acquired on 23 July 2009. 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.

 

END

 

 

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