Credit Suisse has clinched a deal to sell its corporate risks insurer Winterthur International to Bermuda-based XL Capital for £380m.

Thomas Wellauer, chief executive of Credit Suisse and the Winterthur group, said the sale would enable the group to re-focus on its core non-life insurance interests.

He added: “We plan to use the proceeds from the sale to further reinforce our strong position in Europe.”

Winterthur International earned £860m in gross premiums from life and pensions business and has 1,300 employees.

XL Capital offers reinsurance and financial services to large companies and plans to become a major risk management provider following its acquisition of Winterthur International.

The sale does not involve Winterthur Insurance, the parent company of direct writer Churchill.