UK: APPROVAL FOR CGU-NU MERGER

Article Abstract:

It has been revealed that the CGU and Norwich Union merger has received approval from the European Commission. Despite the size of the merged company there will still be strong competition in the UK and Irish general insurance markets according to the Commission, and therefore it decided to approve the deal.

Direct Property and Casualty Insurance Carriers, Pension, health, and welfare funds, INSURANCE CARRIERS, Surety insurance, Personal Property & Liability Insur, Property and casualty insurance, European Union. European Commission, CGU PLC, Norwich Union PLC, Property and casualty insurance industry

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UK: PRUDENTIAL EYES EQUITABLE LIFE RESCUE BID

Article Abstract:

Prudential is considering a rescue bid for UK-based mutual life insurance group, Equitable Life, and is urging the Financial Services Authority to agree to unlock orphan assets worth GB[pound] 7bn before making its move. The UK-based life insurance group is seen as the leading candidate to purchase Equitable and plans to capitalise on its healthy bargaining position to glean a beneficial deal. Orphan assets are the upshot of excess investments and there is much controversy over their distribution. The feeling is that the City watchdog may not want the situation with Equitable to carry on indefinitely, bearing in mind that March 2001 sees the launch of stakeholder pensions.

Brief Article, Equitable Life Assurance Society, Prudential Corporation PLC

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The sins of the past come back to haunt NatWest's takeover of L&G

Article Abstract:

The stock market has not reacted enthusiastically to NatWest's 10.75 billion pounds sterling takeover bid for Legal & General. This is because NatWest is still regarded negatively following unsuccessful acquisitions in the US and in investment banking. Analysts are particularly sceptical about whether the deal will mean that Legal & General will sell more policies than it would if it remained independent. They are also uncertain about whether ordinary banking customers can be convinced to purchase pensions from their banks.

Commercial Banks, Commercial Banking, Securities prices, Banking industry, Management, Planning, National Westminster Bank PLC (London, England), Legal and General Group PLC

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