Directorate Change

RNS Number : 3368N

Chesnara PLC

26 October 2016

 

Chesnara plc

(the "Company")

Board Retirement and Appointment of CEO at Countrywide Assured

Chesnara plc today announces Frank Hughes, Business Services Director will step down from the Board on 31 December 2016. Frank will remain in his current role until 30 April 2017 when he will leave the organisation.

The Company further announces that, having received regulatory approval, Ken Hogg has been appointed CEO of Countrywide Assured, Chesnara's UK life assurance subsidiary. Ken, who joined the business in August, has over 28 years' experience in the life assurance industry having held various senior executive roles with RGA, the FSA, AIG and Aegon.

John Deane, CEO, said,

'On my appointment I took on the two roles of Chief Executive of Chesnara and Countrywide Assured. With the appointment of Ken this completes the reorganisation that we envisaged at the time of my appointment with a CEO for each of our divisions in the UK, Sweden and the Netherlands.

I and all my colleagues would like to thank Frank for all he has achieved over the past 12 years. His contribution to the development and execution of the company's strategy has been a key element of the Chesnara story to date and we wish him every success for the future.'

Frank Hughes, commented,

'I am immensely proud of what we have achieved at Chesnara in my time here. I am sure that the new structure will help to further build the organisation. I will continue to support my colleagues after stepping down from the Board to ensure a smooth transfer is completed by next April.'

Enquiries

John Deane, Chief Executive, Chesnara plc - 01772 972079

Roddy Watt, FWD Consulting - 0207 280 0651 / 07714 770493

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'), Movestic Livförsäkringar AB ('Movestic') and Chesnara Holdings BV, the intermediate holding company of the 'Waard Group'.

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.  On 31 December 2014 the PL business transferred into CA plc.  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.

The Waard Group, a Netherlands-based Group comprising three closed book insurance companies and a servicing company, was acquired on 19 May 2015 for €69.9m.  The Waard Group, comprising Waard Leven N.V., Hollands Welvaren Leven N.V., Waard Schade N.V. and Tadas Verzekeringen B.V. was previously owned by DSB Beheer B.V., a Dutch financial services Group. The policy base of the Waard Group is predominantly term life policies, with some unit linked policies and some non-life policies.  Further details are available on the Company's website (www.chesnara.co.uk).

 

END

 

 

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