1st Sep 2020 10:55
(Alliance News) - Chesnara PLC on Tuesday said it has fulfilled all conditions for the completion of the acquisition of the Dutch insurance portfolio of Belgian lender Argenta Bank-en Verzekeringsgroep NV.
In November, life insurer and pensions consolidator announced the purchase, stating that its Netherlands-based subsidiary Waard Group would acquire 44,000 term and savings policies for EUR29.2 million.
At the time, Chief Executive Officer John Deane said: "This is a very pleasing acquisition for Chesnara. It will create material operating synergies with the existing Dutch business and, after the Monuta portfolio, it is the second deal that will be integrated into, and add value to, our Dutch closed-book platform Waard Group.
The business is well capitalised, cash generative and profitable, while fulfilling our acquisition strategy of being economic value accretive, operating within our core target markets and offering a strong strategic fit at an attractive discount," he added.
In 2018, the portfolio - which has EUR380 million in gross assets - generated EUR3.7 million in pretax profit. Over the same period, Chesnara itself made GBP27.0 million in profit.
Shares in Chesnara were trading 1.4% lower at 290.81 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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