Chesnara plc (CSN): Another fine acquisition
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.Chesnara is a holding company, engaged in the management of life assurance and pension policies. Co.'s segment are CA, S&P, Movestic, and Waard Group. The CA segment is part of Co.'s U.K. life insurance and pensions run-off portfolio. The S&P segment is responsible for conducting both unit-linked and non-linked business, including a with-profits portfolio. The Movestic segment is responsible for conducting both unit-linked and pensions and savings business and providing some life and health product offerings. The Waard Group segment provides life policies, although also includes unit-linked policies and some non-life policies, covering risks such as occupational disability and unemployment.
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