Reaffirming its market strategy, CGNU, the company formed by CGU’s merger with Norwich Union, announced that it plans to leave the Canadian Life market in order to focus resources elsewhere.
According to a Reuters report, CGNU is dedicated to being among the top five in market position, and felt that the Canadian Life business, which had total premium of U.S. $146 million in 1999, “lacked the scale and platform” to achieve that goal.
“CGNU will continue to focus on enhancing returns from its Canadian general insurance business, which ranks number 1 in the market with a 12 percent market share,” the report added.
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