Chesnara to acquire UK life insurance business from HSBC for $355m.

Chesnara, a life and pensions consolidator, agreed to acquire UK life insurance business from HSBC, a global banking and financial services firm, for $355m. "The proposed acquisition of HSBC Life (UK) represents a material step up in scale for Chesnara Group. HSBC Life (UK) is a high-quality business operating in products that we know well and is capable, under our ownership, of generating substantial cash flows for many years. This highly accretive transaction will allow us to build on our strong, 20-year track record of uninterrupted dividend growth. It is also a further example of a major financial institution choosing to work with us, enhancing our reputation as a leading life and pensions consolidator. We are continuing to see a strong M&A pipeline across our group which we are well-positioned to execute on. We look forward to welcoming HSBC Life (UK) policyholders and the HSBC Life (UK) team to Chesnara and working closely with HSBC Bank plc to ensure the smooth transition of the business into the Group," Steve Murray, Chesnara Chief Executive Officer.