CGNU plc (CGNU) has agreed the sale of Sabre Insurance Company Limited (Sabre), its specialist non- comprehensive UK motor insurer, to BDML (Holdings) Limited. The net asset value of Sabre as at 31 December 2000 was £18 million.
CGNU plc (CGNU) has agreed the sale of Sabre Insurance Company Limited (Sabre), its specialist non-comprehensive UK motor insurer, to BDML (Holdings) Limited. The net asset value of Sabre as at 31 December 2000 was Ł18 million.
The transaction is subject to regulatory approval.
Enquiries:
Analysts
James Matthews, Head of Investor Relations
Tel: +44 (0)20 7662 2137
Media
Hayley Stimpson, Director of External Affairs
Tel: +44 (0)20 7662 7544
Alex Child-Villiers, Financial Dynamics
Tel: +44 (0)20 7269 7107
Notes to editors:
- CGNU is the world's seventh-largest insurance group and the largest insurer in the UK. It has worldwide premium and investment sales from ongoing business of Ł27 billion, and more than Ł200 billion in assets under management at 30 June 2001.
- The most recent financial reports are available on this site
- CGNU’s insurance businesses in the UK operate under the Norwich Union brand where it is the leading general insurer with a market share of approximately 19% and ongoing net written premiums of Ł4,937 million in the 12 months to 31 December 2000.
- BDML (Holdings) Limited is an insurance services company with its principal office in Portsmouth and employs in excess of 300 staff.