In a move to further streamline its European operations, the U.K.’s CGNU announced that is seeking a buyer for its French unit, CGU Courtage, the country’s third largest commercial lines insurer, which deals exclusively through brokers.
CGU Courtage, a subsidiary of CGNU’s French operations, Abeille Assurances, had over $325 million in net written premiums last year, but apparently no longer fits into the company’s strategy, which aims to expand its life operations, personal lines coverage and small business property/casualty lines in France and Europe. The decision to sell may also have been speeded up by CGNU’s failure to work out the terms of a partnership arrangement with France’s MMA-Maaf.
Standard & Poor’s announced that it has put CGU Courtage on CreditWatch with developing implications following the announcement.
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