New strategic partnership for Chesnara Plc
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LEI Number: 213800VFRMBRTSZ3SJ06
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22nd 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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