Article date: 2 November 2001
CGNU plc (CGNU) has agreed the sale of Sabre Insurance CompanyLimited (Sabre), its specialist non-comprehensive UK motor insurer,to BDML (Holdings) Limited. The net asset value of Sabre as at 31December 2000 was £18 million.
The transaction is subject to regulatory approval.
James Matthews, Head of Investor Relations
Tel: +44 (0)20 7662 2137
Hayley Stimpson, Director of External Affairs
Tel: +44 (0)20 7662 7544
Alex Child-Villiers, Financial Dynamics
Tel: +44 (0)20 7269 7107
Notes to editors:
- CGNU is the world's seventh-largest insurance group and thelargest insurer in the UK. It has worldwide premium and investmentsales from ongoing business of £27 billion, and more than £200billion in assets under management at 30 June 2001.
- The most recent financial reports are available on thissite
- CGNU’s insurance businesses in the UK operate under theNorwich Union brand where it is the leading general insurer with amarket share of approximately 19% and ongoing net written premiumsof £4,937 million in the 12 months to 31 December 2000.
- BDML (Holdings) Limited is an insurance services company withits principal office in Portsmouth and employs in excess of 300staff.