("Chesnara", the "Company" or "Group")
14 February 2020
LEI Number: 213800VFRMBRTSZ3SJ06
CHESNARA APPOINTS NEW CHAIRMAN
Chesnara today announces the retirement of Peter Mason as Chairman of Chesnara plc and the appointment of Luke Savage as Non-Executive Director and Chairman, with immediate effect.
Mr Savage will also serve as Chairman of the Company's Nominations and Governance Committee, and as a member on its Remuneration Committee.
A highly experienced Plc director, largely in the financial risk and insurance sectors, he previously served as a director and Chief Financial Officer of Standard Life Aberdeen plc from 2014-2017 and for ten years prior to that as Director of Finance and Operations at Lloyd's of London. His career has also included senior roles with leading financial institutions such as Deutsche Bank, Morgan Stanley, Lloyds Bank and Price Waterhouse (now PwC). He is a qualified Chartered Accountant (ACA from ICAEW). Mr Savage is currently a Non-Executive Director of Numis Corporation plc, DWF Group plc and Liverpool Victoria Financial Services Limited.
Jane Dale, Senior Independent Director, commented:
"I am delighted that we have been able to recruit Luke as our next Chairman upon the retirement of Peter. His credentials in the insurance and risk markets are superlative and he will bring this level of expertise to bear on both Chesnara plc and the wider group.
"Under Peter's time at the group, Chesnara has expanded into Sweden and the Netherlands and delivered 14 years of unbroken dividend growth. We are very grateful to Peter for all his hard work since being appointed to the Board in March 2004 and as Chairman in January 2009. We wish him a long and happy retirement."
Luke Savage, incoming Chairman, added:
"Chesnara is a very well placed and successful group operating in the life and pensions markets in its established segments of the UK, Netherlands and Sweden. I am excited to be taking on the role of Chairman at this stage of the Company's development and look forward to working with the Board and our strong management team lead by Group Chief Executive John Deane, to continue the delivery of value to our customers, shareholders and wider stakeholders."
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Notes to Editors
No further information is required to be disclosed by LR9.6.13R.
Chesnara is a life and pensions company listed on the London Stock Exchange. It administers over one million policies with approximately £7.7 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.
Consistent delivery of the Company strategy has enabled Chesnara to increase its dividend for 14 years in succession.
Further details are available on the Company's website (www.chesnara.co.uk).
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