The net proceeds of the placing will be used to fund part of the consideration for the €67.8m acquisition of the Waard Group in the Netherlands.

The acquisition of the Waard Group is in line with Chesnara's stated strategic objective to acquire life and pensions businesses in the UK and Western Europe and continues the Company's successful acquisition-based growth within its target markets and value range.

Graham Kettleborough, Chief Executive, stated:

"We are very excited to acquire an attractive business in the Dutch market. The Waard Group should generate attractive financial returns and also provide a platform with enough scale and operational knowledge to enable further acquisitions in the Dutch and continental European markets. The Company looks forward to working with our new colleagues in the Netherlands with a view to optimising our financial returns and identifying and acquiring other businesses."