Norwich Union in deal for nonlife insurer
Article Abstract:
Norwich Union PLC is purchasing London & Edinburgh Insurance Group Ltd., a UK-based nonlife insurer, for 315 million pounds sterling. The acquisition of the Hartford Financial Services Group Inc. subsidiary is partly seen by some industry watchers as a defensive stance of Norwich Union in the highly-consolidating nonlife insurance industry. An analyst believes that the merger would not only improve Norwich Union's market share, but would also realize annual cost savings of 30 million pounds sterling. However, the consolidation is set to result in the elimination of 600 jobs in Norwich Union, which has 2,800 employees, and in London & Edinburgh, which has 1,200 employees.
Comment:
Is purchasing London & Edinburgh Insurance Group, a UK-based nonlife insurer, for 315 mil pounds sterling
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Northern Rock issues upbeat outlook
Article Abstract:
Northern Rock PLC is forecasting positive earnings at the high end of what analysts had predicted. The company, which has little credit-quality problems and an increasing market share, is expected to post between 450.9 million euros and 470.1 million euros in pretax profits.
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 2001
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