Chesnara has announced its seventh acquisition in the Netherlands, buying the closed life insurance books of “Conservatrix”. The latter is a life insurance and mortgage provider that filed for bankruptcy at the end of 2020 as a consequence of strategic errors by its US owner. The new policies will be bought by Chesnara’s Waard subsidiary, increasing its policy count by ca.70% and assets under administration by ca.90%. While less significant on these measures for the group as a whole, the acquisition does add meaningfully to its expected cashflow; it is expected to add £4m p.a. to the group.
29 Jul 2022
Chesnara plc (CSN): Another fine acquisition
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Chesnara plc (CSN): Another fine acquisition
Chesnara Plc (CSN:LON) | 252 0 0.0% | Mkt Cap: 379.4m
- Published:
29 Jul 2022 -
Author:
Brian Moretta -
Pages:
8
Chesnara has announced its seventh acquisition in the Netherlands, buying the closed life insurance books of “Conservatrix”. The latter is a life insurance and mortgage provider that filed for bankruptcy at the end of 2020 as a consequence of strategic errors by its US owner. The new policies will be bought by Chesnara’s Waard subsidiary, increasing its policy count by ca.70% and assets under administration by ca.90%. While less significant on these measures for the group as a whole, the acquisition does add meaningfully to its expected cashflow; it is expected to add £4m p.a. to the group.