Chesnara PLC Directorate Change (3368N)
October 26 2016 - 1:00AM
UK Regulatory
TIDMCSN
RNS Number : 3368N
Chesnara PLC
26 October 2016
Chesnara plc
(the "Company")
Board Retirement and Appointment of CEO at Countrywide
Assured
Chesnara plc today announces Frank Hughes, Business Services
Director will step down from the Board on 31 December 2016. Frank
will remain in his current role until 30 April 2017 when he will
leave the organisation.
The Company further announces that, having received regulatory
approval, Ken Hogg has been appointed CEO of Countrywide Assured,
Chesnara's UK life assurance subsidiary. Ken, who joined the
business in August, has over 28 years' experience in the life
assurance industry having held various senior executive roles with
RGA, the FSA, AIG and Aegon.
John Deane, CEO, said,
'On my appointment I took on the two roles of Chief Executive of
Chesnara and Countrywide Assured. With the appointment of Ken this
completes the reorganisation that we envisaged at the time of my
appointment with a CEO for each of our divisions in the UK, Sweden
and the Netherlands.
I and all my colleagues would like to thank Frank for all he has
achieved over the past 12 years. His contribution to the
development and execution of the company's strategy has been a key
element of the Chesnara story to date and we wish him every success
for the future.'
Frank Hughes, commented,
'I am immensely proud of what we have achieved at Chesnara in my
time here. I am sure that the new structure will help to further
build the organisation. I will continue to support my colleagues
after stepping down from the Board to ensure a smooth transfer is
completed by next April.'
Enquiries
John Deane, Chief Executive, Chesnara plc - 01772 972079
Roddy Watt, FWD Consulting - 0207 280 0651 / 07714 770493
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
BOAMIBLTMBTTBRF
(END) Dow Jones Newswires
October 26, 2016 02:00 ET (06:00 GMT)