Chesnara to enter Luxembourg with Scottish Widows Europe purchase

Chesnara has agreed to acquire Scottish Widows Europe, a closed life insurance company based in Luxembourg, in a deal valued at $130.2m (£95.97m). The Luxembourg business was acquired from Scottish Widows, part of Lloyds Banking Group. This move marks Chesnara’s entry into the Luxembourg market and will help it add policyholders in Germany, Austria and Italy. The UK-listed life and pensions consolidator will fund the transaction using its existing cash resources. According to Chesnara, the acquisition ...