Credit Suisse Group is selling its large multi-corporate insurance business to Bermuda-based financial services group XL Capital Ltd for $600 million. The move will reportedly allow Credit Suisse’s Swiss-based international insurer, Winterthur, to focus on private non-life clients and small and medium-sized corporate clients in Switzerland and elsewhere.
In a prepared statement, Credit Suisse Chief Executive Thomas Wellauer said the company plans to use the proceeds to “further reinforce our strong position in Europe.”
The transaction is expected to be completed in the second quarter of 2001 pending regulatory approval.
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