Chesnara’s core business is managing life assurance companies, in particular closed books in the UK. The placing was via an accelerated book-build and the funds will be used to part-fund the acquisition of Save & Prosper Group, a UK closed life book, which is being acquired for £63.5m.

Hugh Morgan, managing director in Panmure Gordon’s investment banking team, commented:

“Panmure Gordon is dedicated to supporting our clients as they seek growth opportunities. We are delighted to have assisted Chesnara in funding this highly complementary acquisition.”