Source - LSE Regulatory
RNS Number : 7464K
Chesnara PLC
17 December 2018
 

CHESNARA plc

("Chesnara" or "the Company")

 

17th December 2018

 

LEI Number: 213800VFRMBRTSZ3SJ06

 

 

NOTICE OF NEW INDEPENDENT NON EXECUTIVE DIRECTOR - MARK HESKETH

 

Chesnara plc is pleased to announce the appointment of Mark Hesketh as independent Non-Executive Director with immediate effect.  Mark will join the Chesnara plc Nomination & Governance Committee and Audit & Risk Committee as well as becoming a NonExecutive Director on the Board and Audit & Risk Committee of Countrywide Assured plc.

 

Mark has extensive financial and operational experience in financial services across country and channel boundaries, managing significant complexity, scale and diversity including in M&A and risk management.  He has held senior roles in Standard Life plc and Royal Bank of Scotland plc.  Mark is an NED with Centre for Ageing Better, Bethany Christian Trust, Stonebridge International Insurance Ltd and Powza Ltd and has also held Directorships with Standard Life plc, Scottish Financial Enterprise Ltd and Direct Line plc.

 

Chairman Peter Mason commented: -

'I am delighted to be able to announce the appointment of Mark who will bring valuable experience, insight and skills which will be of significant benefit to the Group.'

 

 

There is no further information which would require disclosure under 9.6.13R of the Listing Rules of the UK Listing Authority.

 

 

For further information, please contact:

 

Roddy Watt

Director, Capital Markets

FWD

Forward thinking communications

 

T   -    020 7280 0651  

E   -    roddy.watt@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 £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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