LONDON, UK: Chesnara plc, the European life and pensions consolidator, has announced a long term strategic partnership with SS&C Technologies (“SS&C”), a global provider of software and technology services to the financial service industry, to provide policy administration services to its UK division.
The partnership will give Chesnara access to SS&C’s front-to-back office servicing model powered by leading-edge technology solutions. SS&C will also support Chesnara’s growth ambitions, especially in the UK acquisition market, by providing migration and integration capabilities and cost-efficient policy administration for existing and future books of business.
As part of the deal, some of Chesnara’s Bristol-based employees will transfer to SS&C, where they will continue to deliver customer service.
Ken Hogg, Chief Executive of Chesnara UK, said: “We are delighted to be announcing this strategic partnership with SS&C, which will provide us with a modern, flexible and cost efficient policy administration service as well as wider capabilities within the SS&C Group. The partnership will also ensure we can continue to deliver a high level of customer service for customers over the longer term. And for our Chesnara colleagues who will join SS&C later this year, SS&C will be a great place for them to continue their careers.”
Steve Murray, Group Chief Executive of Chesnara plc, said: “Entering into this strategic partnership is an important step for our UK business and the Group. We believe the acquisition opportunities across our target markets remain strong, including in the UK, and this partnership will help support Chesnara in executing such transactions on attractive terms for both vendors and our shareholders. We are looking forward to working closely with the SS&C team on these exciting opportunities.”
Nick Wright, CEO International, Head of Global Investor and Distribution Solutions SS&C, said: “We are excited to enter into this strategic partnership with Chesnara and look forward to welcoming their talented servicing team on board. Together, we are well positioned to support Chesnara in pursuing their ambitious growth agenda in UK life and pensions.
The partnership also supports our wider ambitions to increase the scale of our strategic insurance servicing business and to further differentiate across policy and investment administration servicing. The relationship will broaden our financial services footprint in the UK, where we are already a leading provider of services in wealth management and assessment management.”
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