CGNU has sold the Portugese branch of CGU International Insurance to Victoria Seguros, a subsidiary of the Ergo Group.

The general insurance operation focuses on personal lines. At 31 December 2000 the net asset value of the business was €4.6m (£2.8m), with gross written premiums in 2000 of Euros 21m (£12.8m).

CGNU said the sale was consistent with its strategy of building top five positions in its chosen markets, withdrawing from those where it does not have sufficient scale to do so.

The transaction is expected to complete in the second quarter of 2002, subject to regulatory approval.

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