20th May 2025 10:22
(Alliance News) - Chesnara PLC is exploring a potential acquisition of HSBC Holdings PLC’s life insurance business in the UK, Bloomberg reported on Tuesday.
Bloomberg sources said Preston-based Chesnara is among potential suitors for the business could be worth "several hundred million dollars".
Shares in Chesnara, the insurance company and pension consolidator, were down 0.4% at 280.33 pence each in London on Tuesday morning. HSBC rose 0.8% at 888.20p each.
Other industry players have also been competing for the HSBC business, Bloomberg sources said, with talks ongoing.
Established in 2004, Chesnara has a presence in the UK, Sweden and the Netherlands.
The group initially consisted of Countrywide Assured, a closed life and pensions book demerged from Countrywide, a large estate agency group.
The group has grown through the acquisition of three predominantly closed UK businesses, open life and pensions businesses in Sweden and the Netherlands and a closed Dutch group.
According to its website, Chesnara administers just under 1 million life and pension policies for policyholders split between 290,000 in the UK, 280,000 in Sweden and 370,000 in the Netherlands.
At December 31, 2024, Chesnara had GBP14 billion of assets under administration with GBP6 billion in the UK, GBP5 billion in Sweden and GBP3 billion in the Netherlands.
By Jeremy Cutler, Alliance News reporter
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