CGU to buy insurer GAN
Article Abstract:
Property and casualty insurance company CGU Group Canada Ltd has announced a deal to acquire GAN Company of Canada for C$139.5 million. CGU Canada will pay around 1.3 times the book value of GAN, which was C$106.4 million at the end of 1998. CGU Canada said that it will restucture GAN Canada's operations, pricing and labor force, and use the more than C$150-million in tax losses that will come with the acquisition to make the company a profitable operation.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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Sun Life aims to sell reinsurer by year-end
Article Abstract:
Sun Life Assurance Company of Canada, based in Toronto, Ontario, is looking to divest its underperforming reinsurance business by the end of 1999. The sale is in line with Sun Life's goal of concentrating on its core insurance and wealth management operations, wherein it sees the biggest opportunity. The reinsurance business incurred a loss of C$78 million on revenue of C$750 million in 1998.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
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