Chesnara completes acquisition of Sanlam Life & Pensions UK
Chesnara plc, the European life and pensions consolidator, has completed the acquisition of Sanlam Life & Pensions UK Limited (“SLP”). The transaction was initially announced in September 2021.
The deal enhances the scale of Chesnara’s operations in the UK by adding £2.9 billion of assets under administration (“AuA”) and approximately 80,000 policies.
SLP’s customers will benefit from the financial strength of Chesnara as well as the same high standards of customer service.
While existing customers will continue to be able to add further funds to their policies and to continue to invest their regular premiums, SLP will no longer be accepting new customers.
To give advisers time to complete any existing applications, these will be accepted up to 27 May 2022.
Ken Hogg, CEO of Chesnara UK commented: "My colleagues and I are delighted to welcome SLP’s existing customers and colleagues to the Chesnara group.
I want to assure customers and their advisers that they will continue to enjoy the full range of investment options and choices that they had previously, and that they can continue to invest in their existing policies.
Chesnara’s financial strength and service levels remain highly rated with UK AuA of over £5 billion following the transaction. These should help ensure that business continues very much as normal."