Chesnara PLC Statement re: the Legacy Review (0805Q)
07 September 2017 - 4:34PM
UK Regulatory
TIDMCSN
RNS Number : 0805Q
Chesnara PLC
07 September 2017
Statement re Legacy Review
Chesnara PLC
07 September 2017
Chesnara plc
("Chesnara" or "the Company")
Legacy Review
We note the FCA announcement this morning relating to the
closure of one of the investigations into the disclosure of exit
and paid up fees announced on 3 March 2016. As reported in the
Chesnara half year results published on 31 August 2017.
"....The investigation into how Countrywide Assured disclosed
exit fees to customers, initially announced on 3 March 2016, is
ongoing. We have provided the FCA with all information requested.
Discussions are ongoing and given the narrow scope of the
investigation we retain our opinion that the outcome from the
investigation should not have a material impact on the
company...."
We continue to work with the FCA with the aim of bringing this
investigation to a conclusion as quickly as possible.
Enquiries:
Roddy Watt, FWD Consulting - 0207 280 0651 / 07714 770493
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 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 has been 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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