|
Chesnara PLC on Tuesday said it has agreed to buy Scottish Widows Europe SA from Lloyds Banking Group PLC for €110 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 €1.7 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 £260 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. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
