March 31 Chesnara Plc, an
insurance-focused takeover specialist, said on Friday it was
"optimistic" that the UK acquisition market would become more
active as uncertainty caused by regulatory changes and Solvency
II capital rules reduces.
The company said it had noted a recent gradual increase in
closed book market activity in the UK, with larger finance
companies looking to potentially shed capital intensive life and
pension businesses and refocus on their core activities.
"We have the flexibility to accommodate a wide range of
potential target books," said Chesnara, which mainly buys life
insurance funds closed to new customers.
The company posted a nearly 5 percent fall in 2016 IFRS
pretax profit to 40.7 million pounds ($50.74 million), hurt by
lower interest rates and the absence of gains from its
acquisition of Dutch company Waard Group in 2015.
($1 = 0.8021 pounds)
(Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru;
Editing by Sunil Nair)