Chesnara on the takeover trail
Cahal Milmo is the chief reporter of The Independent and has been with the paper since 2000. He was born in London and previously worked at the Press Association news agency. He has reported on assignment at home and abroad, including Rwanda, Sudan and Burkina Faso, the phone hacking scandal and the London Olympics. In his spare time he is a keen runner and cyclist, and keeps an allotment.
Thursday 01 September 2011
Chesnara, which competes with the zombie fund Phoenix to buy life insurers that no longer accept new customers, said it remained on the lookout for deals yesterday as new solvency rules for insurers would result in acquisition opportunities.
The regulations could trigger a round of consolidation as small insurers decide the new rules are too onerous and opt to sell themselves to bigger rivals. The group, which last year sealed the £63.5m takeover of Save & Prosper, said first-half profit fell to £3.8m from £12m a year ago. It still raised its interim dividend by 2.6 per cent to 5.95p.
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