In accordance with its plans to concentrate on p/c insurance in Canada, CGNU, the U.K.’s largest p/c insurer, announced the sale of two Canadian life units.
Manulife Financial has acquired the former CGU subsidiary Commercial Union Life for around 拢62 million ($92 million), and AIG has agreed to acquire another subsidiary, Norwich Union Holdings (Canada), for £71 million ($106 million).
CGNU has previously sold its U.S. p/c business to White Mountains Group, but plans to follow the opposite strategy in Canada, where it will concentrate on that sector rather then life insurance.
Was this article valuable?
Here are more articles you may enjoy.
Convicted Insurance Mogul Lindberg Should Pay $1.6B Restitution to Companies 
Lululemon Slips as Texas Announces Probe of ‘Forever Chemicals’ 
Toilet Paper Warehouse in California Destroyed by Fire; Employee Arrested 
Wall Street Banks Try Out Anthropic’s Mythos 
