CGU plc announces the proposed acquisition of the French tele-direct general insurer, Tellit Assurance S.A., from Royal & Sun Alliance Insurance Group plc.
CGU plc announces the proposed acquisition of the French tele-direct general insurer, Tellit Assurance S.A., from Royal & Sun Alliance Insurance Group plc.
Tellit has 70,000 policyholders with premiums of around Ł16m. Combined with CGU's fast growing direct insurer, Eurofil, which has 125,000 policyholders, this acquisition consolidates our position as the second largest direct writer in France.
Consideration for Tellit is expected to be around Ł7m. The transaction is subject to regulatory approval and is expected to be completed in the first quarter of 1999.
Notes to Editors
- CGU is one of Europe's leading insurers, formed from the merger in 1998 of Commercial Union and General Accident.
- CGU has major life and general insurance businesses in France with premiums totalling around Ł2.5bn per annum.
Sterling figures have been converted at Ł1=FFr9.3.