CGNU Sells Canadian Life Units

December 27, 2000

In accordance with its plans to concentrate on p/c insurance in Canada, CGNU, the U.K.’s largest p/c insurer, announced the sale of two Canadian life units.

In accordance with its plans to concentrate on p/c insurance in Canada, CGNU, the U.K.’s largest p/c insurer, announced the sale of two Canadian life units.

Manulife Financial has acquired the former CGU subsidiary Commercial Union Life for around £62 million ($92 million), and AIG has agreed to acquire another subsidiary, Norwich Union Holdings (Canada), for £71 million ($106 million).

CGNU has previously sold its U.S. p/c business to White Mountains Group, but plans to follow the opposite strategy in Canada, where it will concentrate on that sector rather then life insurance.

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