CGNU plc is pleased to announce that agreements were signed on 17th November as a result of which its Euro- Commercial Paper Programme limit has been increased from £1bn to £2bn. Both Standard and Poor's Ratings Services and Moody's Investors Service Limited have confirmed that their ratings for the programme have remained unchanged at A1+ and P1 respectively. The programme continues to be guaranteed by CGU International Insurance plc, and issuance is possible in most major currencies.
CGNU plc is pleased to announce that agreements were signed on 17th November as a result of which its Euro-Commercial Paper Programme limit has been increased from Ł1bn to Ł2bn. Both Standard and Poor's Ratings Services and Moody's Investors Service Limited have confirmed that their ratings for the programme have remained unchanged at A1+ and P1 respectively. The programme continues to be guaranteed by CGU International Insurance plc, and issuance is possible in most major currencies.
The arranger to the programme is Barclays Capital, and the dealers are Barclays Capital, Citibank International plc, Goldman Sachs International, National Westminster Bank plc, The Royal Bank of Scotland plc and UBS Warburg.
As a result of this increase, it is the intention to withdraw the former Norwich Union plc Euro-Commercial Paper Programme (US$1bn) on the maturity of the existing paper issued under this programme.
Enquiries:
John Westby, Group Treasurer
+44 (0) 20 7662 1173
Alex Child-Villiers, Financial Dynamics
+44 (0) 20 7269 7107
NOTES TO EDITORS
- CGU and Norwich Union merged on 30 May 2000 to create CGNU plc, the UK's largest insurance group and one of the top-five insurers in Europe, with substantial positions in other markets around the world, making it the world's sixth largest insurer based on gross worldwide premiums.
- CGNU's principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales of Ł23 billion (after the sale of its property and casualty business in the US), and assets under management of more than Ł200 billion.
- From October 2000, the combined life and pensions, general insurance and retail fund management businesses in the UK have operated under the Norwich Union brand, while the institutional investment business operates under the Morley Fund Management brand.