("Chesnara" or "the Company")
01 October 2018
LEI Number: 213800VFRMBRTSZ3SJ06
NOTICE OF NEW SENIOR INDEPENDENT DIRECTOR
Chesnara plc is pleased to announce the appointment of Jane Dale as its Senior Independent Director. She succeeds Mike Evans who will step down from the Board with immediate effect as he takes up a new role as Chairman of M&G Prudential. Jane, Non Executive Director since May 2016, will take on this role in addition to continuing to chair the company's Audit and Risk Committee, a position she has held since December 2016.
Chairman Peter Mason said "I would like to welcome Jane to Chesnara's SID role and look forward to continuing to work closely with her to further develop the business. Her knowledge of the group, the financial service industry generally and developments in its financial reporting requirements make her an excellent appointment to the role. At the same time, I would like to thank Mike for his contribution to Chesnara since his appointment to the Board in 2013, since which time the group has expanded significantly and delivered strong performance. We wish Mike well in his new role where his experience will undoubtedly be of great value".
For further information, please contact:
Director, Capital Markets
Forward thinking communications
T - 020 7280 0651
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 £47.8m. 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 £63.5 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 £39.3m. 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 £20 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 €69.9m. 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 €161.2 million. The LGN business which has been renamed Scildon, is in the Dutch life assurance market, and as with our Swedish subsidiary Movestic, Scildon writes protection and pension new business.
Further details are available on the Company's website (www.chesnara.co.uk).
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