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.
Topics Canada
Was this article valuable?
Here are more articles you may enjoy.
SEC to Drop Controversial SolarWinds Cyberattack Lawsuit 
US E&S Outlook No Longer Positive: AM Best 
‘Clear Soft Market Conditions’ for Commercial P/C Lines in Q3, Says CIAB 
How ‘Super Roofs’ Reward Insurers, Cat Bond Investors and Homeowners 
