The pending merger of U.K. Insurers CGU and Norwich Union was approved by the European Commission, and will accordingly proceed on schedule. The two companies hope to finalize all details for the creation of CGNU, by the middle of 2001.
Shareholders of both companies approved the merger plan by large majorities at the end of March. The commission saw no threat to competition in the plan, and noted that a number of strong companies were in the U.K. and Irish markets.
CGNU will be the U.K.’s largest p/c insurer and second largest life insurer after Prudential. It will be the 4th and 5th largest respectively in Europe.
Topics Mergers & Acquisitions Europe
Was this article valuable?
Here are more articles you may enjoy.
Florida Insurance Agency VP Sentenced to 3 Years in Massive ACA Fraud Scheme 
High-Net-Worth Risk Appetite Drops as Some Regions Show Stabilization 
Good Times for US P/C Insurers May Not Last; Auto Challenges Ahead 
Berkshire Hathaway Raises New CEO Abel’s Salary to $25 Million 
