Chesnara plc (CSN): Nice little acquisition
Chesnara has announced its first acquisition of 2023. It is buying the onshore protection business from Canada Life’s UK business. This consists of 47,000 term assurance and critical illness policies. Chesnara is paying £9m for the policies, and expects the Economic Value to be £16m – so this is a bit smaller than some of its more recent deals. The uplift of £7m increases Economic Value by ca.1.4%. Cash generation will be improved by ca.£16m over the next five years. This benefit is relatively front-end-loaded; so there will be a smaller cashflow benefit beyond the five years. This will have an almost neutral effect on the Solvency II ratio.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.
We are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies.
Our expert team of sector analysts and market professionals collectively have over 400 years of experience. This depth of knowledge and a reputation for integrity have built trust with investors. With effective communication and precision distribution, we help companies disseminate their investment message to interested investors, as well as advise them on strategy.
Our smaller, boutique structure allows us to provide first-class customer service and to deliver a wide range of ad-hoc services for multiple clients with different needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.