Chesnara to acquire Scottish Widows Europe from Scottish Widows for €110m.

Chesnara, a life assurance and pensions business, agreed to acquire Scottish Widows Europe, a Luxembourg based closed life insurance business of Scottish Widows, a life insurance, pensions and investment company, for €110m. "We are delighted to announce Chesnara's second significant acquisition in the past twelve months. Scottish Widows Europe is another material and value-accretive transaction with a product set that we know well. It marks our entry into Luxembourg, providing a new platform for in-market and wider European consolidation and expansion. We are pleased that another major financial institution, Lloyds Banking Group, has chosen us to look after their policyholders. We look forward to welcoming Scottish Widows Europe policyholders and new colleagues to Chesnara," Steve Murray, Chesnara CEO.