CGNU has completed the disposal of its US general insurance operations this week by finalising the sale of its White Mountains Insurance Group.
The sale earned CGNU £1.3bn. This figure is net of a £141m pre-closing adjustment and the repayment of an inter-company loan of £800,000.
CGNU said it would continue to pursue its strategy of growing its long-term savings business “aggressively and profitably” and focus on its general insurance business.
It aims to build top five positions in key markets and to withdraw from lines or markets that do not offer the potential for market leading positions or superior returns.