Directorate Change

RNS Number : 6954R

Chesnara PLC

21 November 2012

 



Chesnara plc

Directorate change

21 November 2012

The board of Chesnara plc has agreed that Ken Romney will step down from his position as Finance Director of the Group on 17 May 2013. Until then, Ken will continue in his current role, which will encompass the preparation and presentation of the 2012 full year results of Chesnara, and also facilitate an orderly transition of his role and responsibilities.

He will be succeeded as Finance Director by David Rimmington, who is currently Associate Director- Finance. David joined the Group in July 2011 and was previously Head of Management reporting at Royal London Group for 6 years, after 14 years in other finance roles in Royal London and other positions within the life assurance sector.

Ken has been an outstanding Finance Director for Chesnara since its demerger from Countrywide plc and its listing in 2004. He previously served as Finance Director of Countrywide Assured plc for 7 years and has built up a wealth of knowledge of the group and the industry. The Board would like to thank Ken for the substantial contribution he has made to the Group since 1989 and, particularly, since the formation of Chesnara.

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"), Save & Prosper Insurance Ltd and its subsidiary Save & Prosper Pensions Ltd (together 'S&P') 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. S&P was acquired on 20^th December 2010. S&P was closed to new business prior to acquisition and it operated 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.

 

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