Sale talks continue

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The Co-operative Group has lined up Deutsche Bank to handle the £650m sale of its household and motor insurance arm.

The Co-op would use the money to buy the Project Verde banking business, which Lloyds Banking Group is selling according to The Express.

The insurance arm’s overall gross written premium fell to £555.7m in 2012, from £668.8m in 2011, mainly as the company took action to improve the quality of motor broker business written, including introducing credit scoring and restricting its underwriting footprint.

 

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