Winterthur gets green light to buy Prudential
The European Commission has approved a plan by Winterthur - the insurance arm of the Credit Suisse Group - to acquire the general insurance business of British insurer Prudential.
The £355 million (SFr842 million) cash deal, announced in November, comes into effect next month. It will increase the number of Winterthur’s customers in Britain by two million, bringing the total to 5.8 million.
Under the deal with Winterthur, Prudential will transfer its British general insurance business to Winterthur and Churchill Group, its British subsidiary.
Around 1,200 Prudential employees will be integrated into the Churchill workforce of 4,800 people.
The Swiss insurer has 22,000 employees worldwide and had a volume SFr16.5 billion in premiums in 2000.
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