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Chesnara PLC - Preston, England-based insurance company - Buys bankrupt insurance portfolio of Nederlandsche Algemeene Maatschappij van Levensverzekering ‘Conservatrix’ NV. Chesnara says Conservatrix will be acquired by Waard, its Dutch closed book operation. ‘A capital contribution of £35 million to be provided to support the solvency position of the Conservatrix business, financed from the group's existing resources,’ Chesnara notes. The acquisition is expected to complete during autumn this year.
Chesnara Chief Executive Officer Steve Murray says: ‘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.’
Conservatrix is a specialist provider of life insurance and mortgages based in Utrecht, Netherlands. In December 2020, the Dutch Central Bank filed for bankruptcy of Conservatrix after a ‘deterioration of the Solvency II capital position and limited feasibility of recovering this in the short term.’ For 2021, Conservatrix reported pre-tax profit of €75.6 million and gross assets of €614 million.
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