CGU disposes of British & European Life Reinsurance portfolio

Article date: 7 October 1999

CGU plc has agreed to transfer the life reinsurance portfolio ofBritish & European Reinsurance Co. Ltd (a subsidiary of CGUplc), which wrote £3m of premium income in 1998, to World-WideReassurance Company Limited.

The formal transfer is subject to court approval and theconsideration is not material in the context of the consolidatednet assets of CGU plc.

Notes to Editors

  • CGU is Europe’s 5th largest insurance group and thelargest in the UK (based on worldwide sales of some £18bn perannum).
  • In the first 6 months of 1999, total life premiums and retailinvestment sales accounted for 53% of CGU plc's totalbusiness.

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