CGU In Bancassurance Deal With Spain’s Bancaja

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.