CGNU confirmed today that rival insurer Groupama has bought its French subsidiary CGU Courtage for £6.2m.
In January, CGU France announced it was in exclusive talks with Groupama and that a sale was imminent.
CGU Courtage is a general insurance commercial lines business distributed through brokers and had net written premiums in 2001 of Euros 378m (£234m).
Net assets at 31 December 2001 were €228m (£147m). The profit on sale is expected to be €10m (£6.1m) after taking account of transaction costs, warranties and indemnities.
This completes CGNU's strategic review of its French business to focus on long-term savings and personal and small commercial lines general insurance.
As part of the sale, the participation of CGU Courtage in the aviation and space pools, La Reunion Aerienne and La Reunion Spatiale, will transfer to Groupama.
In addition Abeille assurances has resigned its membership of La Reunion Aerienne and La Reunion Spatiale with effect from 31 December 2002 and has reinsured its 2001 and 2002 participations.
The transaction is subject to regulatory approval and completion is expected in the first half of 2002.
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