Further to the sale of Direct Line Life Insurance Company Limited, (“Direct Line Life”) to Chesnara plc on 28th November 2013 Direct Line Life has changed its name to Protection Life Company Limited. The change of name was necessary as the company is no longer owned by the Direct Line Group.
Following closure of new business in 2011 Direct Line Group made a decision to sell the Direct Line Life business. Agreement was reached with Chesnara plc to acquire the company and this was announced in October 2013. This acquisition has since been approved by our regulators, the Prudential Regulation Authority and Financial Conduct Authority and the sale completed on 28th November 2013.
On 31 December 2014, Protection Life business was transferred under an insurance business transfer scheme into Countrywide Assured plc. If you would like more information about the transfer of business, please visit the Countrywide Assured website at www.countrywideassured.co.uk
Chesnara plc is a holding company engaged in the management of life and pension business in the UK and Western Europe and owns another UK life assurance company, Countrywide Assured plc. Originally formed in 2004, following the demerger from Countrywide Assured Group plc, Chesnara subsequently purchased City of Westminster Assurance Company, Save & Prosper Insurance Ltd and Save & Prosper Pension Ltd, all of which have since been transferred into Countrywide Assured under the strict regulatory conditions of a Part VII transfer. Further information about Chesnara and their previous acquisitions can be found at www.chesnara.co.uk.