Chesnara PLC Result of External Audit Tender (2423X)
November 23 2017 - 1:00AM
UK Regulatory
TIDMCSN
RNS Number : 2423X
Chesnara PLC
23 November 2017
Chesnara plc
(the "Company")
Results of the Audit Tender Process
Chesnara plc announces that, following the conclusion of a
formal tender process led by the Company's Audit & Risk
Committee, the Board of Directors has approved the re-appointment
of Deloitte LLP ("Deloitte") as auditor of the Chesnara plc group
(the "Group").
The Company stated its intention to tender the audit in the
Group's Interim Financial Statements issued 31 August 2017. A
formal competitive tender process was completed, overseen by the
Group's Audit & Risk Committee. UK and EU law now requires an
auditor's maximum period as auditor to a listed company to be 20
years, with a competitive tender process required at least once
every 10 years.
Deloitte, the Group's current auditor, will, subject to
shareholder approval at the forthcoming 2018 Annual General Meeting
("AGM"), continue in the role and undertake the audit of the
Group's financial statements for the financial year ending 31
December 2018.
The Board would like to thank Deloitte and the other firms who
took part in the tender.
For further information, please contact:
Roddy Watt
Director, Capital Markets
FWD, Forward thinking communications
T 020 7280 0651
W www.fwdconsulting.co.uk
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'), Movestic Livförsäkringar AB ('Movestic') and Chesnara
Holdings BV. Chesnara Holdings BV. is, the intermediate holding
company of 'Waard Group' and 'Scildon'.
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. On 5 April 2017
Chesnara completed its acquisition of Legal & General Nederland
Levensverzeikering Maatschappij N.V. ('LGN') for EUR161.2 million.
The LGN business which has been renamed Scildon, is in the Dutch
life assurance market, and as with our Swedish subsidiary Movestic,
Scildon will be writing protection and pension new business.
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
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