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Chesnara PLC is exploring a potential acquisition of HSBC Holdings PLC‘s life insurance business in the UK, Bloomberg reported on Tuesday.
Bloomberg sources said Preston-based Chesnara is among potential suitors for the business could be worth ‘several hundred million dollars’.
Shares in Chesnara, the insurance company and pension consolidator, were down 0.4% at 280.33 pence each in London on Tuesday morning. HSBC rose 0.8% at 888.20p each.
Other industry players have also been competing for the HSBC business, Bloomberg sources said, with talks ongoing.
Established in 2004, Chesnara has a presence in the UK, Sweden and the Netherlands.
The group initially consisted of Countrywide Assured, a closed life and pensions book demerged from Countrywide, a large estate agency group.
The group has grown through the acquisition of three predominantly closed UK businesses, open life and pensions businesses in Sweden and the Netherlands and a closed Dutch group.
According to its website, Chesnara administers just under 1 million life and pension policies for policyholders split between 290,000 in the UK, 280,000 in Sweden and 370,000 in the Netherlands.
At December 31, 2024, Chesnara had £14 billion of assets under administration with £6 billion in the UK, £5 billion in Sweden and £3 billion in the Netherlands.
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