Chesnara PLC Statement regarding market speculation (7954P)
November 22 2016 - 1:10AM
UK Regulatory
TIDMCSN
RNS Number : 7954P
Chesnara PLC
22 November 2016
22 November 2016
Chesnara plc
Statement regarding market speculation
Chesnara plc notes recent press speculation and can confirm that
discussions are underway with a third party that may or may not
lead to an acquisition by the Company. A further statement will be
issued, as and if appropriate, in due course.
Enquiries
John Deane, Chief Executive, Chesnara plc - 01772 972079
Roddy Watt, FWD Consulting - 0207 280 0651 / 07714 770493
This release contains information, which may be of a price
sensitive nature, that Chesnara is making public in a manner
consistent with the EU Market Abuse Regulation and other regulatory
obligations.
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 GBP47.8m.
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 GBP63.5 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 GBP39.3m. 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
GBP20 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 EUR69.9m. 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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
SPCBTBRTMBMTMLF
(END) Dow Jones Newswires
November 22, 2016 02:10 ET (07:10 GMT)
Chesnara (LSE:CSN)
Historical Stock Chart
From Apr 2024 to May 2024
Chesnara (LSE:CSN)
Historical Stock Chart
From May 2023 to May 2024