17th Feb 2026 09:50
(Alliance News) - Chesnara PLC on Tuesday said it has agreed to buy Scottish Widows Europe SA from Lloyds Banking Group PLC for EUR110 million in cash.
Chesnara is a Preston, England-based life and pensions consolidator. Scottish Widows Europe is a Luxembourg-based closed life insurance business owned by Scottish Widows Ltd, the pensions arm of Edinburgh-based Lloyds Banking.
Chesnara said the acquisition will be fully financed from its available cash. It said its Solvency II capital coverage ratio is estimated to be 173% taking into account the acquisition.
Scottish Widows Europe has EUR1.7 billion in assets under administration and about 46,000 in-force policies. Chesnara noted the acquisition represents its entry into Luxembourg, and the addition of new policyholders in Germany, Austria and Italy "provides a platform for increased consolidation and scale across Europe".
At the start of this year, Chesnara completed the GBP260 million acquisition of HSBC Life (UK) Ltd.
Chesnara shares were up 1.3% to 313.52 pence on Tuesday morning in London. The stock is up 37% in the past year.
Lloyds Banking was up 0.4% to 101.80.
By Tom Waite, Alliance News editor
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