M&A Deal Summary

Chesnara Acquires City of Westminster Assurance

On May 5, 2005, Chesnara acquired insurance company City of Westminster Assurance from Irish Life Group for 70M EUR

Acquisition Highlights
  • This is Chesnara’s 1st transaction in the Insurance sector.
  • This is Chesnara’s 3rd largest (disclosed) transaction.
  • This is Chesnara’s 1st transaction in the United Kingdom.

M&A Deal Summary
Date 2005-05-05
Target City of Westminster Assurance
Sector Insurance
Buyer(s) Chesnara
Sellers(s) Irish Life Group
Deal Type Divestiture
Deal Value 70M EUR

Target

City of Westminster Assurance

St Alban’s, United Kingdom
City of Westminster Assurance Co. Ltd. is a provider of insurance services products assurance and pension solutions. The company was founded in 1968 and is based in St Alban’s, United Kingdom.

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Buyer(S) 1

Buyer

Chesnara

Preston, United Kingdom

website

Category Company
Founded 2003
Sector Insurance
Employees339
Revenue 1.5B GBP (2021)
DESCRIPTION

Chesnara engages in life assurance and pension businesses primarily in the United Kingdom and Sweden. Chesnara was founded in 2003 and is based in Preston, the United Kingdom.

DEAL STATS #
Overall 1 of 7
Sector (Insurance) 1 of 7
Type (Divestiture) 1 of 5
Country (United Kingdom) 1 of 3
Year (2005) 1 of 1
Size (of disclosed) 3 of 6
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-17 Moderna Forsakringar Liv AB

Stockholm, Sweden

Moderna Life is a Stockholm-based unit-linked life insurance company which specialises in corporate and personal pension arrangements and life assurance policies. Primarily it aggregates client funds into a range of investment providers and provides policy wrappers. It sells through the independent financial adviser channel, has approximately a 9 per cent. market share of the Swedish unit-linked pension business and also operates in Norway.

Buy kr250M

Seller(S) 1

SELLER

Irish Life Group

Dublin,, Ireland

website

Category Company
Founded 1939
Sector Insurance
DESCRIPTION

Irish Life Group Ltd. provides risk protection, pensions, savings, and investment products for individual and group markets.

DEAL STATS #
Overall 1 of 2
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 2
Country (United Kingdom) 1 of 1
Year (2005) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1993-01-01 City of Westminster Assurance

St Alban’s, United Kingdom

City of Westminster Assurance Co. Ltd. is a provider of insurance services products assurance and pension solutions. The company was founded in 1968 and is based in St Alban’s, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 GloHealth Financial Services

Dublin, Ireland

GloHealth Financial Services Ltd. is a health insurance company, issues and administers health insurance policies as a regulated intermediary.

Buy -
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