Winterthur, the insurance arm of Credit Suisse Group, has agreed to purchase CGNU’s Belgian p/c business for €117 million ($102.65 million). The acquisition would make Winterthur the fifth largest Belgian p/c insurer, and the third largest working with brokers.
Gross premiums in the non-life sector would rise 32 percent from €341 ($299.2 million) to €500 million ($438.7 million).The deal is expected to be completed by the end of the year.
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