In December 2010, Chesnara purchased Save & Prosper Insurance Limited and its subsidiary, Save & Prosper Pensions Ltd, from JPMorgan Asset Management Marketing Limited. In December 2011 Court approval was granted for the transfer of the long term business of Save & Prosper into Countrywide Assured plc, a subsidiary of Chesnara, pursuant to Part VII of the Financial Services and Markets Act 2000. The transfer is effective from 31 December 2011. Further information can be found here.
Chesnara plc ('Chesnara') was formed in 2004 and is quoted on the London Stock Exchange. It was established in order to accommodate the ownership of Countrywide Assured plc ('CA') on its demerger, in May 2004, from Countrywide Assured group. CA is a substantially closed life assurance company.
In June 2005, Chesnara acquired a further UK closed life assurance company – City of Westminster Assurance Company Ltd ('CWA') from Irish Life and Permanent plc at a cost of £47.8m.
At the end of June 2006 the business of CWA was transferred, utilising a Part VII transfer under FSMA 2000, into CA thereby consolidating the two businesses.
In July 2009, Chesnara purchased Moderna Forsakringar Liv AB, an open Swedish life assurance company specialising in savings and pension products, for £20m which represented a 73% discount to the company's embedded value. With effect from November 2010, Moderna changed its name to Movestic Livforsakring AB. Chesnara has made further investments in Sweden including the establishment of a fund management subsidiary of Movestic and the acquisition of the operations, systems, personnel and renewal rights of Aspis Liv, a Swedish life assurance company which specialised in risk and health products.
Chesnara continues to seek to acquire further life assurance and associated assets in the UK and Western Europe.
Information published regarding the above transactions can be found in the Historical Information of the Financial Information section of this website.
If you cannot find the information you require, please use the Contact Us section, where you can also register for the automatic updates via e-mail.
If you have received an unsolicited approach to sell or buy Chesnara shares, please click here.
15 minute delayed share price provided by vwd group