Insurance Post

CGNU sells off German general business

CGNU is to sell its German general insurance business, General Accident Versicherungs to Gerling-Konz...

CGNU is to sell its German general insurance business, General Accident Versicherungs to Gerling-Konzen Lebensversicherungs. Last year the business had net premium income of £96m and net assets of about £25m.
The sale follows CGNU's strategic review which concluded that the business lacked the platform and scale to generate satisfactory returns. The UK insurer said it will focus on developing its long term savings business in Germany through its life subsidiary, Berlinishce Lebensversicherung.
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