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.
Florida Appeals Court Reverses $200M Jury Verdict in Maya Kowalski Case 
AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B 
Starr Acquiring IQUW; Starr Managing Agency to Be Among 10 Largest at Lloyd’s 
Brown & Brown Reports Strong Q3 Revenue Growth of 35.4% 
