Following the sale of Direct Line Life Insurance Company Limited, (“Direct Line Life”) to Chesnara plc, Direct Line Life has changed its name to Protection Life Company Limited (“Protection Life”). The change of name was necessary as the company is no longer owned by the Direct Line Group.
Protection Life is closed to new business but continues to administer existing policies (previously arranged with Direct Line Life) in line with the policy terms and conditions. The majority of these policies are term assurance contracts with a small number of whole of life policies and family income benefit policies.
Chesnara plc is a holding company engaged in the management of life and pension business in the UK and Western Europe and more information about Chesnara can be found at www.chesnara.co.uk
As a specialist in the management of closed life businesses in the UK, Chesnara will ensure you continue to receive quality service and that under Chesnara’s ownership, the life company will continue to honour the existing terms and conditions of your policy.
Chesnara is now proposing to merge the Protection Life business with the business of its existing UK life assurance company, Countrywide Assured plc, by a process known as an “Insurance Business Transfer Scheme” to be carried out under Part VII of the UK Financial Services and Markets Act 2000. Separate transfer schemes will also be carried out in Guernsey and Jersey on substantially the same terms as the UK Scheme. The Guernsey Scheme and the Jersey Scheme will run in parallel to the UK Scheme to give effect to the transfer of policies issued by Protection Life to residents of Guernsey and Jersey. Each scheme can only be implemented if it is approved by the relevant court in the UK, Guernsey or Jersey. Details of the proposed scheme can be found at www.countrywideassured.co.uk
The sale of Direct Line Life, the subsequent change of name to Protection Life and the proposed Transfer will not alter your policy benefits or premiums.
If you have any questions regarding the Transfer Scheme you can call our specialist team on 0808 168 8127 (or, if you are calling from a mobile on 01772 840076 or overseas on +44 1772 840076). This team is available from 9am to 5.30pm, Monday to Friday.
If you do need to contact us regarding a policy enquiry, or to make a claim, the contact details remain the same and are provided here and the Contact Us page for ease of reference.