According to the Financial Times CGNU is close to concluding a deal for its U.S. property/casualty business to White Mountains Insurance Group, a Bermuda based holding company which operates insurance subsidiaries in the U.S.
The report also indicated that CGNU was prepared to accept a lower offer than it had hoped for, under the £2 billion ($2.8 billion) net asset value, as a consequence of the depressed state of the U.S. p/c market and its desire to transfer all of the business to the buyer.
In another transaction Finland’s largest insurer, Sampo, became the successful bidder for two CGNU Polish subsidiaries. It will pay €189 million ($160.65 million) for Powszechne Towarzystwo Emerytaine Norwich Union, Poland’s 5th largest pension insurer, and €47.5 million for ($40.38 million) for Norwich Union Towarzystwo Ubezpieczen na Zycie, a life insurer.
Was this article valuable?
Here are more articles you may enjoy.
When the Meter Says Wet but the Ceiling Is Dry: A Guide for Adjusters and Inspectors 
Erie CEO NeCastro Steps Down Early; Bolash Named Interim Leader 
Municipal Insurer Must Pay Share of $14.9 Million Wrongful Incarceration Settlement 
Florida Appeals Court Bars Release of ‘Trade Secret’ Info in Heritage Claims Litigation 
