More consolidation is forecast for the European market following the birth of a new insurance heavyweight, which plans a stock market flotation in two years' time.
Eureko, which was formed on Monday, is the result of a merger between Portugal's Banco Comercial Português (BCP) and Netherlands' insurer Achmea.
The Amsterdam-based group becomes the 16th largest insurer in Europe, with a pro-rata premium income of £4.3bn and assets of almost £30bn. The next largest is Sweden's Skandia.
BCP will be the smaller partner in Eureko, owning 15% of the group's £2.5bn share capital to Achmea's 72%. The remaining stake is held by the Eureko Alliance, a linked company, which includes UK insurer Friends Provident.
Despite its size, however, the financial giant's worth is dwarfed by CGNU's £16bn market capitalisation.
Eureko will offer a full range of insurance services, from life and pension products to general insurance, and has leading market positions in the Netherlands, Portugal and Ireland.
Chief executive João Talone said: “We have the ambition to achieve high performance standards based on strong local brands and market knowledge, becoming the first real European financial services and insurance group.”
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.
