Life and pensions consolidator, Chesnara, has told COVER it will close the HSBC Life UK protection offering to new business and consult on next steps, following completion of its £260 million acquisition.
During the transaction, HSBC Life UK was still open for new business and operated as normal during the transaction but will close to new business as of completion. A spokesperson for Chesnara said: "We have been working closely with HSBC Life UK in recent months to evaluate the best long-term approach to new business. "Chesnara has determined that under its ownership HSBC Life will continue to write new business for onshore bonds, a product that Chesnara already knows well, and we see exciting opportunities through the combination of our two onshore bond capabilities. "We have als...
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