The Swiss-based insurance group, Winterthur, a unit of the Credit Suisse Group, is to buy the Belgian non-life insurance activities of CGNU for €117 million (SFr179 million).This content was published on May 22, 2001 - 09:05
Winterthur, which has been active in Belgium for more than 120 years, said the latest move would "strengthen its position in the Belgian non-life insurance market", ranking it fifth in terms of gross written premiums.
Non-life premiums are expected to increase from €341 million to over €500 million. In 2000 the group's Winterthur-Europe Assurances unit had gross premiums of €629 million for both non-life and life activities.
The acquisition, which is subject to regulatory approval, is Winterthur's sixth purchase in Belgium within five years.
CGNU is the holding company for the merged interests of CGU and Norwich Union, which combined in 2000 to become the world's sixth largest insurance group.
The transaction is expected to be completed by the second half of 2001.
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