Chesnara PLC (LSE:CSN) said it has now received all of the necessary court and regulatory approvals for the transaction to acquire Dutch insurer Conservatrix.
The acquisition will formally complete on 1 January 2023, when Conservatrix’s insurance portfolio will be acquired by Waard Leven, Chesnara’s Dutch closed book operation.
In a statement, Steve Murray, Chesnara chief executive, said: "We are delighted to welcome Conservatrix customers and staff to the Chesnara Group from the start of 2023.
“We recognise that the bankruptcy of Conservatrix has caused significant uncertainty for its customers and employees, but we hope that the acquisition provides certainty and a clear way forward for them.
"We believe that acquisition opportunities across our target markets remain strong, and we continue to be highly confident in our ability to finance and execute such transactions on attractive terms for both vendors and our shareholders."
Conservatrix, which was declared bankrupt almost two years ago, adds around 70,000 new policies, and brings the total managed by Amsterdam-based Waard to 165,000.