CGU In Bancassurance Deal With Spain’s Bancaja

May 19, 2000

Britain’s CGU announced that it had agreed to acquire the life insurance and pension business of Spain’s Bancaja, its 4th largest bank, for £200 million ($196 million).

Britain’s CGU announced that it had agreed to acquire the life insurance and pension business of Spain’s Bancaja, its 4th largest bank, for £200 million ($196 million).

The agreement will make CGNU, upon completion of the presently pending merger between CGU and Norwich Union, the 9th largest life insurance provider in Spain’s fast growing market – 17 percent annually since 1995 – with an estimated 3.3 percent market share.

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