Acquisition

RNS Number : 8354J

Chesnara PLC

16 December 2022

 

LEI Number: 213800VFRMBRTSZ3SJ06

CHESNARA plc (CSN.L)

16 December 2022

UPDATE ON THE ACQUISITION OF CONSERVATRIX'S INSURANCE PORTFOLIO

Following the announcement on 22 July 2022 of the proposed acquisition of the insurance portfolio of Nederlandsche Algemeene Maatschappij van Levensverzekering "Conservatrix" N.V. ("Conservatrix"), Chesnara plc ("Chesnara") (CSN.L) is pleased to announce that it has now received all necessary Court and Regulatory approvals for the transaction.

The acquisition will formally complete on 1 January 2023. The insurance portfolio will be acquired by Waard Leven N.V., Chesnara's Dutch closed book operation.

Steve Murray, Chief Executive Officer of Chesnara, stated:  

"We are delighted to receive the necessary Court and Regulatory approvals for the acquisition of Conservatrix's insurance portfolio and to be able to welcome the Conservatrix customers and staff to the Chesnara Group from the start of 2023.  We recognise that the bankruptcy of Conservatrix has caused significant uncertainty for its customers and employees, but we hope that the acquisition provides certainty and a clear way forward for them.

"We believe that acquisition opportunities across our target markets remain strong, and we continue to be highly confident in our ability to finance and execute such transactions on attractive terms for both vendors and our shareholders."

For further information, please contact:

Investor Enquiries

Sam Perowne

Head of Strategic Development & Investor Relations

Chesnara plc

E - [e-mail]

Media Enquiries

Roddy Watt

Director, Capital Markets

FWD

T - 020 7280 0651 / 07714 770 493 

E - [e-mail]

Notes to Editors

Chesnara (CSN.L) is a European life and pensions consolidator listed on the London Stock Exchange.  It administers approximately one million policies and operates as Countrywide Assured and CASLP in the UK, as The Waard Group, Robein Leven N.V. and Scildon in the Netherlands, and as Movestic in Sweden.

Following a three-pillar strategy, Chesnara's primary responsibility is the efficient administration of its customers' life and savings policies, ensuring good customer outcomes and providing a secure and compliant environment to protect policyholder interests. It also adds value by writing profitable new business in Sweden and the Netherlands and by undertaking value-adding acquisitions of either companies or portfolios.

Consistent delivery of the Company strategy has enabled Chesnara to increase its dividend for 18 years in succession.

Further details are available on the Company's website ( www.chesnara.co.uk ).

 

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