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.