Chesnara Regulatory News (CSN)

7 December 2023

CHESNARA plc (CSN.L)

("Chesnara" or "the Company")

Directorate Change

David Rimmington to step down as Group Finance Director of Chesnara plc and Appointment of Tom Howard as Chief Financial Officer and Executive Director

Chesnara plc ("Chesnara" or "the Group" or the "Company") announces that David Rimmington has agreed with the Board of Chesnara that he will not seek re-election at the Company's Annual General Meeting ("AGM") in May 2024 and that he will step down as Group Finance Director and as a Director of Chesnara at the conclusion of that meeting.

Furthermore, Chesnara is pleased to announce the appointment of Tom Howard as Chief Financial Officer and Executive Director of the Company, subject to regulatory approval. Tom's formal starting date is expected to be no later than the beginning of May 2024. David Rimmington will remain with the Group throughout the year end 2023 reporting process and to support an orderly transition.

Tom is a highly experienced CFO with over 25 years of industry experience, most recently as CFO of Aviva Investors, the asset management division of Aviva plc. He has held a variety of senior roles within Aviva plc, including Director of Mergers & Acquisitions for Aviva Group and CFO for Aviva's Life and General Insurance business in Ireland. Tom brings with him European actuarial and financial reporting capabilities and a strong track record of leadership in finance, M&A, capital management and business transformation.

Luke Savage, Chairman of Chesnara plc, said:

"On behalf of the Board I would like to thank David for everything he has achieved at Chesnara over the last ten years as Group Finance Director. David has played a key role delivering the required changes for Solvency II and IFRS 17 as well as supporting the Group's successful M&A strategy and playing a leading role in our inaugural Tier 2 debt raise. During David's tenure as Group Finance Director, the Group has consistently increased dividends paid to shareholders whilst maintaining the strength of the balance sheet. He leaves with our best wishes as he looks to build the next phase of his career outside of the Group.

At the same time, I am delighted to be welcoming Tom Howard to Chesnara plc. He has extensive financial services experience particularly in both life insurance and asset management, as well as expertise in M&A and these skills align strongly with the Group's strategic ambition." 

Steve Murray, Group CEO of Chesnara plc, said:

"It's been a pleasure working with David. He's played an important role supporting the re-energising of the Group's M&A strategy as we executed 5 deals in the last two years and leading the financial work on our Tier 2 debt raise. He leaves the business in a strong position with exciting potential opportunities.

I am looking forward to working with Tom on the next phase of execution of our Group strategy and am confident he will play a strong role delivering further value for shareholders."

David Rimmington, said:

"I am immensely proud of my time at Chesnara, where we have delivered strong financial performance over a number of years despite the backdrop of significant external headwinds. We have maintained the strength of the balance sheet whilst investing in M&A and have returned significant dividends to shareholders over the last ten years. During my tenure as Group Finance Director, working with my hugely talented and committed team, we have navigated two of the largest regulatory reporting change programmes the industry has seen, namely Solvency II and IFRS 17. On a personal level I am proud to have created solid foundations for Chesnara to deliver on its sustainability commitments and to have taken a key role in the Company's entry to the Dutch market. I want to thank Chesnara colleagues particularly in the finance and actuarial teams for all their support in ensuring that Chesnara remains in a strong position to capitalise on the current market opportunities."

Tom Howard, said:

"I am delighted to be joining Chesnara. The more time I have spent with Steve, Luke and the wider Chesnara team the more excited I have become about the potential opportunities available and also how my skills and expertise can help support the execution of the strategy. I am looking forward to engaging with Chesnara colleagues and our investors and continuing the Group's impressive dividend track record and M&A execution."

No further disclosure is required under LR 9.6.13 in respect of the appointment of Tom Howard as an executive director of the Company.

7 December 2023

For further information, please contact:

Investor Enquiries

Sam Perowne

Head of Strategic Development & Investor Relations

Chesnara plc

E - sam.perowne@chesnara.co.uk

Media Enquiries

Roddy Watt

Director, Capital Markets

FWD

T - 020 7280 0651 / 07714 770 493 

E - roddy.watt@fwdconsulting.co.uk

Notes to Editors

Chesnara (CSN.L) is a European life and pensions consolidator listed on the London Stock Exchange. It administers approximately one million policies and operates as Countrywide Assured and CASLP in the UK, as The Waard Group and Scildon in the Netherlands, and as Movestic in Sweden.

Following a three-pillar strategy, Chesnara's primary responsibility is the efficient administration of its customers' life and savings policies, ensuring good customer outcomes and providing a secure and compliant environment to protect policyholder interests. It also adds value by writing profitable new business in Sweden and the Netherlands and by undertaking value-adding acquisitions of either companies or portfolios.

Consistent delivery of the Company strategy has enabled Chesnara to increase its dividend for 18 years in succession.

Further details are available on the Company's website (www.chesnara.co.uk).