Chesnara PLC New strategic partnership for Chesnara Plc (0858A)
May 22 2023 - 2:00AM
UK Regulatory
TIDMCSN TIDMTTM
RNS Number : 0858A
Chesnara PLC
22 May 2023
LEI Number: 213800VFRMBRTSZ3SJ06
22(nd) May 2023
CHESNARA plc
("Chesnara" or "the Company")
Chesnara Plc enters into a long-term strategic partnership with
SS&C Technologies
Chesnara plc, the European life and pensions consolidator,
announces a long term strategic partnership with FinTech market
leader SS&C Technologies ("SS&C"), a global provider of
software and technology services to the financial service industry,
to provide policy administration services to Chesnara's UK
division.
SS&C's front-to-back office servicing of Chesnara's UK books
of business will be delivered via its strategic life and pensions
operating model powered by leading-edge technology solutions. Their
scale, expertise and knowledge will be key in supporting Chesnara's
growth ambitions, particularly as it seeks further acquisitions in
the UK market. The partnership with SS&C will enhance
Chesnara's overall migration and integration capabilities whilst
delivering cost-efficient policy administration for existing and
future books of business for the long-term.
As a result of the partnership, a number of Chesnara's
Bristol-based employees will transfer to SS&C, where they will
remain integral to the delivery of customer service.
Ken Hogg, Chief Executive of Chesnara UK, commented:
"We are delighted to be announcing this strategic partnership
with SS&C, which will provide us with access to a modern,
flexible and cost efficient policy administration service as well
as wider capabilities within the SS&C Group. The partnership
will also ensure we can continue to deliver a high level of
customer service for customers over the longer term. And for our
Chesnara colleagues who will join SS&C later this year,
SS&C will be a great place for them to continue their
careers."
Steve Murray, Group Chief Executive of Chesnara plc, added:
"Entering into this strategic partnership is an important step
for our UK business and the Group. We believe the acquisition
opportunities across our target markets remain strong, including in
the UK, and this partnership will help support Chesnara in
executing such transactions on attractive terms for both vendors
and our shareholders. We are looking forward to working closely
with the SS&C team on these exciting opportunities."
Nick Wright, CEO International, Head of Global Investor and
Distribution Solutions SS&C, commented:
"We are excited to enter into this strategic partnership with
Chesnara and look forward to welcoming their talented servicing
team on board. Together, we are well positioned to support Chesnara
in pursuing their ambitious growth agenda in UK life and pensions.
The partnership also supports our wider ambitions to increase the
scale of our strategic insurance servicing business and to further
differentiate across policy and investment administration
servicing. The relationship will broaden our financial services
footprint in the UK, where we are already a leading provider of
services in wealth management and assessment management."
For further information, please contact:
Investor Enquiries
Sam Perowne
Head of Strategic Development & Investor Relations
Chesnara plc
E - sam.perowne@chesnara.co.uk
Media Enquiries
Roddy Watt
Director, Capital Markets
FWD
T - 020 7280 0651 / 07714 770 493
E - roddy.watt@fwdconsulting.co.uk
Notes to Editors
Chesnara (CSN.L) is a European life and pensions consolidator
listed on the London Stock Exchange. It administers approximately
one million policies and operates as Countrywide Assured and CASLP
in the UK, as The Waard Group and Scildon in the Netherlands, and
as Movestic in Sweden.
Following a three-pillar strategy, Chesnara's primary
responsibility is the efficient administration of its customers'
life and savings policies, ensuring good customer outcomes and
providing a secure and compliant environment to protect
policyholder interests. It also adds value by writing profitable
new business in Sweden and the Netherlands and by undertaking
value-adding acquisitions of either companies or portfolios.
Consistent delivery of the Company strategy has enabled Chesnara
to increase its dividend for 18 years in succession.
Further details are available on the Company's website (
www.chesnara.co.uk ).
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END
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