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.
State Farm Paid a ‘Hail’ of a Lot of Claims in 2025 
Florida Sunshine: Big Improvement in Combined Ratio in 2025, Gallagher Says 
NYC Begins 10 Days of Flying Taxis With Manhattan-JFK Flights 
Liberty Mutual Says Safeco Brand Is Officially Retired 
