Countrywide Assured provides financial protection, ranging
from pensions and savings to life cover and critical illness benefit. It was
their initial portfolio of policies that brought about the formation of
Chesnara plc in 2004.
Many of their customers originate from historical
acquisitions. For example, closed-book businesses purchased from City of
Westminster Assurance, Save & Prosper, and Direct Line Life.
The primary focus of the business is the efficient and
effective management of policies and customers’ interests, with the strategic
objective of maximising value from the existing business. Countrywide Assured achieve this strategic
aim by outsourcing their UK services to professional specialists, which is closely
monitored by a central UK based governance team.
This outsourcing model creates a degree of cost variability,
which is vital for a closed-book business whose size is reducing naturally over
time. It’s an approach that also offers the flexibility to support and
accommodate future acquisitions.
This model also supports the company's overriding philosophy of "putting the customer first". Adopting this perspective not only ensures a rewarding financial future for their customers but also supports delivery of a service that meets their needs. The company's efforts to deliver a first-class customer service were recently recognised by an Investor in Customers Silver Award 2020.
In 2022, Chesnara completed the acquisition of Sanlam Life & Pensions UK Limited, subsequently renamed to CA SLP Limited (SLP), a specialist provider of insurance and long-term savings products in the UK. The Part VII insurance business transfer of CA SLP into CA plc was completed on 31 December 2023.
Expansion in the UK has continued with the acquisition of a protection portfolio from Canada Life. The acquisition has initially been executed through entering into a 100% reinsurance agreement with Canada Life, and these policies will subsequently transfer to the division through a Part VII transfer process.