CGNU, the largest British insurance group, has agreed to sell General Accident Versicherungs AG, its German general insurance business, to Gerling-Konzern Lebensversicherungs AG. The terms were not disclosed.
The British insurer is also in the process of selling its U.S. general insurance arm. The company reportedly decided the German business lacked the scale to generate satisfactory returns for CGNU shareholders.
The business had net premium income in 1999 of roughly $144 million pounds and net assets of about $37.5 million. CGNU merged with Norwich Union earlier this year and will continue to develop its long-term savings business in Germany through Berlinische Lebensersicherung, its life subsidiary.
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