Regulatory Approval

RNS Number : 8256M

Chesnara PLC

11 May 2015

 

Chesnara plc                               

Acquisition of Waard Group                  

REGULATORY APPROVAL                             

Chesnara plc ("The Company") announced on 3 December 2014 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 (£34.5m after costs) and cash reserves.  The Company is pleased to announce that the Dutch Regulator, De Nederlandsche Bank N.V. has provided a Declaration of No-Objection to this transaction.

Completion of the Acquisition is expected by 29th May 2015, at which point a further announcement will be made.

Enquiries

John Deane, Chief Executive, Chesnara plc - 01772 972079

Roddy Watt, Newgate - 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.  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.

 

END

 

 

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