CGNU Seeks Buyer For New Zealand P/C Unit

Following a review of its New Zealand p/c business, CGNU, the U.K.’s largest insurer, announced plans to sell its affiliate State Insurance and concentrate its efforts on New Zealand Insurance (NZI), its life company.

State Insurance was formerly a subsidiary of Norwich Union, which merged with CGU earlier this year, and despite the unit’s profitability, CGNU determined that greater value could be obtained by its sale, than by consolidation with NZI.