Insurer CGNU has agreed a deal with Spain's tenth largest savings bank Caja Espana, to buy 50% of its life and pensions unit.
CGNU said the deal formed part of its plan to create a nationwide bancassurance network in Spain.
The UK's largest insurance group said it would buy the stake in Caja Espana Vida for an initial consideration of £88m in cash.
Caja Espana has 535 branches and 1.3 million customers. This will increase CGNU's bancassurance network to more than 3,000 branches and about 8 million potential customers.
The group said the partnership would enhance its position in the Spanish long-term savings market, where bancassurance accounts for more than 80% of new business sales.
The deal is expected to be completed by 31 January 2002.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
