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

Asset sales & divestitures, Acquisitions & mergers, Property & Liability Insurance, Direct Property and Casualty Insurance Carriers, Property and casualty insurance, Norwich Union PLC, Article, London and Edinburgh Insurance Group Ltd.

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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.

Sales, profits & dividends, Savings & Loan Assns, Savings Institutions, Banking industry, Forecasts and trends, Savings and loan associations, Northern Rock PLC

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