("Chesnara" or "the Company")
17 December 2019
LEI Number: 213800VFRMBRTSZ3SJ06
APPOINTMENT OF CORPORATE BROKER AND FINANCIAL ADVISER
Chesnara plc today announces the appointment of Investec Bank plc to work alongside the Company's existing corporate broker and financial adviser, Panmure Gordon (UK) Limited, with immediate effect.
Director, Capital Markets
Forward thinking communications
T - 020 7280 0651 / (+44) 7714 770493
Roddy Watt, FWD Consulting:
Notes to Editors
Chesnara is a life and pensions company listed on the London Stock Exchange. It administers over one million policies with approximately £7.8 billion of assets under management, with those assets spread broadly equally across businesses in the UK, the Netherlands and Sweden. Chesnara operates as Countrywide Assured in the UK, as The Waard Group 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.
Chesnara has a proven track record of acquiring and consolidating life and pension portfolios and businesses. The acquisition that is the subject of this press release is evidence of the continuation of this capability. The acquisition process adds value for our shareholders whilst also providing a solution for vendors to realise value and release capital. This is achieved by vendors divesting life and pensions businesses or portfolios which are not core to their wider strategic focus, or where diminishing scale creates operational and hence financial viability pressure. Chesnara's robust regulatory framework and strong solvency ensures policyholder interests are well protected and remain at the heart of any divestment decision.
Consistent delivery of the company strategy has enabled Chesnara to increase its dividend for 15 years in succession.
Further details are available on the Company's website (www.chesnara.co.uk).
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