CGU plc has agreed to transfer the life reinsurance portfolio of British & European Reinsurance Co. Ltd (a subsidiary of CGU plc), which wrote £3m of premium income in 1998, to World-Wide Reassurance Company Limited.
CGU plc has agreed to transfer the life reinsurance portfolio of British & European Reinsurance Co. Ltd (a subsidiary of CGU plc), which wrote Ł3m of premium income in 1998, to World-Wide Reassurance Company Limited.
The formal transfer is subject to court approval and the consideration is not material in the context of the consolidated net assets of CGU plc.
Notes to Editors
- CGU is Europe’s 5th largest insurance group and the largest in the UK (based on worldwide sales of some Ł18bn per annum).
- In the first 6 months of 1999, total life premiums and retail investment sales accounted for 53% of CGU plc's total business.