CGNU plc (“CGNU”) has agreed the sale of its Portuguese general insurance operation, a branch of CGU International Insurance plc (CGUII), to Victoria Seguros SA, a subsidiary of the Ergo Group. The net asset value of the business as at 31 December 2000 was 4.6 million euros.
CGNU plc (“CGNU”) has agreed the sale of its Portuguese general insurance operation, a branch of CGU International Insurance plc (CGUII), to Victoria Seguros SA, a subsidiary of the Ergo Group. The net asset value of the business as at 31 December 2000 was 4.6 million euros.
CGUII’s Portuguese branch is a general insurer focused on personal lines. In 2000 it had gross written premiums of 21 million euros.
The disposal is consistent with CGNU’s strategy of building top five positions in its chosen markets and withdrawing from operations where it does not have sufficient scale to achieve this.
The transaction is subject to regulatory approval and is expected to complete in the second quarter of 2002.
Enquiries:
Analysts/Investors
James Matthews, Head of Investor Relations, CGNU
+ 44 (0) 20 7662 2137
Media
Ian Frater, Head of Group Media Relations, CGNU
+44 (0) 20 7662 8221
Alex Child-Villiers, Financial Dynamics
+44 (0) 20 7269 7107
Notes to editors
CGNU plc is the world’s seventh largest insurance group and the largest insurer in the UK