Insurance business transfer scheme
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Insurance Business Transfer Scheme

Save & Prosper Insurance Limited and Save & Prosper Pensions Limited (together referred to as “Save & Prosper”) were both sold by JPMorgan Asset Management Marketing Limited to Chesnara in December 2010.In December 2011 Chesnara received Court approval to merge the Save & Prosper business with the business of its existing UK life assurance company, Countrywide Assured plc, by a process known as an “Insurance Business Transfer Scheme” under Part VII of the Financial Services and Markets Act 2000. The transfer is effective from 31 December 2011.

The Proposal was reviewed by an Independent Expert, John McKenzie (a Fellow of the Institute and Faculty of Actuaries) appointed, with the agreement of the FSA, to report to the Court and assist it in coming to its decision.

In addition, the documents submitted to the Court were reviewed by the Financial Services Authority (“FSA”), the UK regulatory authority for insurance companies which regulates both Save & Prosper and Countrywide Assured, and the FSA had the right to be heard at Court.

Copies of the following information can be accessed here:-

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