Peter Mason has retired as the chairman of the life assurance and pensions management firm Chesnara PLC (LON:CSN).

He has been replaced by Luke Savage, a highly experienced company director who was the chief financial officer of Standard Life Aberdeen PLC from 2014 to 2017; before that he was the director of finance and operations at Lloyd’s of London.

He is currently a non-executive director of Numis Corporation PLC, DWF Group PLC and Liverpool Victoria Financial Services Limited.

“His credentials in the insurance and risk markets are superlative and he will bring this level of expertise to bear on both Chesnara PLC and the wider group,” said Jane Dale, the senior independent director on the Chesnara board.

Paying tribute to Peter Mason, Dale added that on his watch, Chesnara had expanded into Sweden and the Netherlands and delivered 14 years of unbroken dividend growth.

New boy Luke Savage said he was excited to be taking on the role.

“Chesnara is a very well placed and successful group operating in the life and pensions markets in its established segments of the UK, Netherlands and Sweden,” he said.