European life and pensions consolidator Chesnara has agreed a strategic partnership with financial services software and tech provider SS&C to provide policy administration services to the firm’s UK division.
This comes as Chesnara “seeks further acquisitions in the UK market”.
SS&C’s front-to-back office servicing of Chesnara’s UK books of business will be delivered via its strategic life and pensions operating model powered by technology solutions. As a result of the partnership, a number of Chesnara’s Bristol-based employees will transfer to SS&C.
Steve Murray, group chief executive of Chesnara, 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, chief executive of international, head of global investor and distribution solutions at SS&C, added “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.”