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Chesnara buys Scottish Widows Europe from Lloyds for €110m
(Sharecast News) - Chesnara on Tuesday said it had signed a deal to buy Scottish Widows Europe, a Luxembourg based closed life insurance business from Lloyds Banking Group for €110m in cash. The life assurance and pensions company said the acquisition would add €1.7bn of assets under administration and approximately 46,000 in-force policies to its business, with the group taking on policyholders in Germany, Austria and Italy.
It is also expected to generate roughly €250m in cash over the lifetime of the portfolio.
Chesnara said its leverage was estimated to remain below a target of less than 30%, "with significant financial firepower remaining to pursue further M&A opportunities".
"Scottish Widows Europe is another material and value-accretive transaction with a product set that we know well. It marks our entry into Luxembourg, providing a new platform for in-market and wider European consolidation and expansion. said Chesnara chief executive Steve Murray.
The deal follows Chesnara's £260m purchase of HSBC's specialist life protection and investment bond provider in the UK
Reporting by Frank Prenesti for Sharecast.com
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