Regulatory Approval

RNS Number : 9220Y

Chesnara PLC

05 December 2014

 



5 December 2014

Chesnara plc

Chesnara confirms management changes following receipt of regulatory approvals

Further to the management change announcement made on 3 December 2014, Chesnara is pleased to confirm that the necessary regulatory approvals from the PRA and FCA for John Deane have been received. Therefore, as planned, John will, with immediate effect, become an Executive Director of Chesnara plc, Countrywide Assured plc and Protection Life Ltd. Also as indicated in the announcement, Graham Kettleborough will resign as Chief Executive of these companies at the end of the year and John will assume the Chief Executive roles on 1 January 2015.

For further information please contact:

Chesnara
Graham Kettleborough, Chief Executive	[phone]
Newgate Threadneedle
Roddy Watt	[phone]

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. On 31 December 14 the PL business will transfer 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.

Furthermore, the Company announced on 3 December its intention to purchase the Waard Group in the Netherlands for an initial consideration of £55.1m, financed by a successful share placing of £35.7m and cash reserves. Further details are available on the Company's website (www.chesnara.co.uk).

 

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