– UK – Chesnara plc today announces that Graham Kettleborough, Chief Executive Officer, has given notice of his intention to step down from the Board and resign from the Company. Graham has agreed to remain in his current role until, at least, 31 December 2014 and provide support and consultancy until 31 March 2015 to ensure a smooth handover to his successor.
The Company further announces that John Deane will join the Group today. On receipt of regulatory approval John will be appointed as an Executive Director and take up the role of Chief Executive. John, 56, is a qualified Actuary and has over 30 years experience in the life assurance industry having held various CEO and executive roles in Royal London, Old Mutual and Century Life and, more recently, has been leading a financial services consultancy which has been advising UK and overseas companies on a variety of strategic projects.
Peter Mason, Chairman, said: ‘I would like to thank Graham for his significant contribution to Chesnara over the past 10 years. He has led the company from an initial market capitalisation of around £100m to one that has reached £400m and generated dividends to shareholders of over £160m. Whilst, of course, we are sad to see him go we are nevertheless excited to have procured the services of John whose mix of UK, overseas, acquisition, regulatory and outsourcing experience is ideally suited to Chesnara continuing to achieve its strategic aims’.
Graham Kettleborough commented: ‘I am immensely proud of what we have achieved at Chesnara in the last decade. However, I now feel the time is right for me to step down and believe that Chesnara has a very exciting future ahead of it. The acquisition we are announcing today is the first step on that road and I can’t imagine that there is anyone better than John to take Chesnara and this new opportunity forward. I wish all my colleagues the very best for the future and thank them for their invaluable contribution over the years of my tenure as CEO’.
John Deane, said: ‘I am very pleased to be joining Chesnara and its experienced team at this exciting time. I look forward to leading the company and continuing it’s successful and established strategy. To that end, I look forward to completing the proposed acquisition and delivering further value to the company’s shareholders.’
About Chesnara plc
Chesnara, which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc (‘CA plc’), Protection Life Company Limited (‘PL’) and Movestic Livförsäkringar AB (‘Movestic’).
CA plc is a UK life assurance subsidiary that is closed to new business. In June 2005 Chesnara acquired a further closed life insurance company – City of Westminster Assurance – for £47.8m. With effect from 30 June 2006, CWA’s policies and assets were transferred into CA plc. Save & Prosper Insurance Limited and its subsidiary, Save & Prosper Pensions Limited, were acquired on 20 December 2010 for £63.5 million. With effect from 31 December 2011, the business of Save & Prosper was transferred into CA plc. On 28 November 2013 Chesnara acquired Direct Line Life Insurance Company Limited (subsequently renamed Protection Life Company Limited) from Direct Line Group plc for £39.3m. A process to transfer the PL business into CA plc is underway. CA plc operates an outsourced business model.
Movestic, a Swedish life assurance company which originally focused on pensions and savings, was acquired on 23 July 2009 for £20 million. The company is open to new business and seeks to grow its position in the Swedish unit-linked market. Its proposition was strengthened in February 2010 with the acquisition of the operations of Aspis Försäkringar Liv AB which has a risk and health product bias.
About John Deane
2013 – date
Chief Executive of PJA Capital, a consultancy which provides advice to UK and overseas companies on a variety of strategic projects. Responsible for leading and managing projects that have included DD for a client on a potential acquisition; the review of strategic market opportunities in Europe for a US life company; establishment of a new life company in Europe; reviewing acquisition targets; and providing strategic and execution advice on the sale of a UK distribution business.
ROYAL LONDON – 2007- Jul 2012
Main Board Director, Member of Executive Committee, Chairman of the Royal London 360 Board, Chairman of Protection businesses including Bright Grey, Scottish Provident and Caledonian, CEO of Scottish Life, Member of ABI Life Insurance and Savings Committee.
OLD MUTUAL PLC – 2003 -2007
Initially worked in South Africa on the establishment of OMSTA, the Service Company of OMSA (Old Mutual South Africa), Member of the Old Mutual Executive team, Corporate Development Director. Sourced and led the successful acquisition of Skandia which included debt raising and equity issuance.
CENTURY LIFE AND ADEPTA – 1993 – 2003
From 1995 Managing Director of Century Life and Century Financial Services. Sourced and managed the acquisition of Old Mutual UK’s business. Established Century Financial Services as an outsourcer in 1998. Led and implemented outsourcing deals with Axa, Save and Prosper and Barclays Life.
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