Former Churchill parent, Winterthur, has continued to address its capital problems by selling its Italian insurance operations for £977m to Unipol.
The sale, by Winterthur's ultimate parent Credit Suisse,
comes less than a fortnight after the £1.1bn sale of Winterthur's UK insurance operation, Churchill, to the Royal Bank of Scotland Group.
Lenny Fischer, who has sold two of the most profitable parts of Winterthur in less than a fortnight told the FT.com that these disposals did not mark the start of the break-up of the Swiss insurance group.
According to reports, Credit Suisse sold Churchill largely because Winterthur would have needed considerably more capital if it had wanted to expand Churchill.
