Chesnara has announced the acquisition of the insurance portfolio of Nederlandsche Algemeene Maatschappij van Levensverzekering "Conservatrix" N.V. (Conservatrix), a specialist provider of life insurance products in the Netherlands that was declared bankrupt on 8 December 2020.

The insurance portfolio will be acquired by Waard, Chesnara’s Dutch closed book operation.

In order to support the solvency position of the Conservatrix insurance portfolio, a capital contribution of £35m will be provided by the group, consisting of a £21m contribution from Chesnara and £14m of existing Waard resources.

Steve Murray, CEO of Chesnara, stated: “We recognise that the bankruptcy of Conservatrix has caused significant uncertainty for its customers and employees, but we hope that today's announcement provides certainty and a clear way forward for them.

"This transaction is Chesnara's third over the past year and seventh in the Dutch market, and will further expand the scale of our Dutch operations following the recent completion of the acquisition of Robein Leven in April 2022. Together, these will deliver material value creation for Chesnara and the expected incremental cash generation will enhance the sustainability of our progressive dividend strategy.”

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