Chesnara shares strategic milestones and future outlook - ICYMI

In a recent conversation with Proactive's Stephen Gunnion (SG), Steve Murray (SM), chief executive of Chesnara PLC (LSE:CSN), shed light on the significant strides made by the company in 2023, setting a robust foundation for future growth.

The year was marked by notable partnerships, acquisitions, leadership transitions, and resilience in the face of macroeconomic challenges.

SG: Steve, can you discuss the strategic partnership with SS&C in the UK and its impact on Chesnara's M&A strategy?

SM: Absolutely. Our partnership with SS&C is pivotal, providing a scalable platform and newer technology that significantly supports our M&A strategy in the UK. This collaboration is crucial for enhancing operational efficiency and facilitating our growth ambitions, particularly in expanding our scale through strategic M&A activities.

SG: Chesnara completed two key acquisitions in 2023. Can you elaborate on these transactions and their integration?

SM: We successfully acquired an insurance portfolio from Conservatrix in the Netherlands and a protection portfolio from Canada Life in the UK. The integration of Conservatrix is complete, offering a combined operating model that strengthens our position for future M&A opportunities. The Canada Life acquisition is progressing well, with crucial steps like the reinsurance agreement effectively transferring the economic value to Chesnara.

SG: The company has seen significant leadership changes. How do these transitions reflect on Chesnara's stability and future direction?

SM: The appointment of Tom Howard as the new group finance director and the introduction of three new chief executives underscore our strong and stable foundation. These changes are vital for sustaining our growth and ensuring we continue to build on our strengths, demonstrating our ability to navigate significant organisational changes effectively.

SG: Given the macroeconomic challenges of 2023, how has Chesnara maintained its resilience and solvency?

SM: Despite the volatile macroeconomic conditions, including high inflation, Chesnara's natural hedges within the balance sheet have ensured our solvency position remains strong. We've continued to see good cash generation, reflecting the resilience of our business model and our ability to maintain a solid foundation for our shareholders and for future growth.

SG: Looking ahead to 2024, what are Chesnara's expectations in light of the achievements and challenges of the past year?

SM: While we would prefer a more stable market, the challenges of 2023 have proven our resilience and strength. We are well-prepared for 2024, with a focus on leveraging our strategic partnerships, completing the integration of our acquisitions, and exploring new M&A opportunities. Our solid foundation and strategic achievements position us for robust performance in the coming year.