Following a review of its New Zealand p/c business, CGNU, the U.K.’s largest insurer, announced plans to sell its affiliate State Insurance and concentrate its efforts on New Zealand Insurance (NZI), its life company.
State Insurance was formerly a subsidiary of Norwich Union, which merged with CGU earlier this year, and despite the unit’s profitability, CGNU determined that greater value could be obtained by its sale, than by consolidation with NZI.
Topics Property Casualty
Was this article valuable?
Here are more articles you may enjoy.
A Super Yacht Armada Came to Miami, Leaving a Marine Graveyard in Its Wake 
Bayer’s Supreme Court Win in Roundup Case No ‘Silver Bullet’ 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
Florida-Based Safepoint Withdraws IPO Just as it Was Expected to Launch 
