Chesnara PLC SCILDON - new name for Legal & General Nederland (2234C)
11 April 2017 - 11:06PM
UK Regulatory
TIDMCSN
RNS Number : 2234C
Chesnara PLC
11 April 2017
Chesnara plc
11 April 2017
SCILDON to be the new name for Legal & General Nederland
("L&GN")
Further to completion of the acquisition of Legal & General
Nederland Levensverzekering Maatschappij N.V. by Chesnara plc
("Chesnara" or "the Company") on 5 April 2017, the Company is
pleased to announce that LGN is to be renamed Scildon. The new name
will be rolled out from today with all manifestations to be
completed by August 2017. John Deane, Chesnara's Chief Executive,
commented:
"Under the able leadership of its new CEO, Gert Jan Fritzsche,
Scildon will provide the same high quality of products and service
to its policy holders and their advisors across the
Netherlands."
Enquiries
John Deane, Chief Executive, Chesnara plc - 01772 972079
Roddy Watt, FWD Consulting - 020 7280 0651 / 07714 770 493
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, the intermediate holding company of the 'Waard
Group'.
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 GBP47.8m.
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 GBP63.5 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 GBP39.3m. 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
GBP20 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 EUR69.9m. 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 EUR161.2 million. The LGN business which is being
renamed Scildon, is in the Dutch life assurance market, and as with
our Swedish subsidiary Movestic, Scildon will be writing protection
and pension new business.
Further details are available on the Company's website
(www.chesnara.co.uk).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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