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.
Was this article valuable?
Here are more articles you may enjoy.
Claimants of 23andMe Data Breach to Get $46.75M in Settlement Deal 
Miami Moves to Seize Part of Posh Island After Fuel Fight 
D&O Market Expected to Tighten Under Pressure, Says AM Best 
AI Savings Misses ‘Should Be Making Executives Uncomfortable,’ Bain Says 
