Winterthur close to deal with Prudential
The Financial Times reports on Thursday that Credit Suisse Group's insurance unit, Winterthur, is close to buying Prudential's general insurance division.
The newspaper says the deal would net the British company SFr1.07 billion ($652.5 million). It’s believed that Winterthur has beaten rival bids from Direct Line, Royal and Sun Alliance and CGNU.
Winterthur will take on the responsibility of administering Prudential’s general insurance division and overseeing all its staff. Prudential will continue to underwrite policies and will form a new joint venture with Winterthur to seek out new business.
Prudential has long sought to sell its general insurance arm as it is considered too small. The sale is part of a major overhaul at Prudential which is likely to lead to big job cuts.
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