RNS Number:1781C
Norwich Union PLC
8 December 1999


NORWICH UNION SELLS MARINE PORTFOLIO

Norwich Union has sold the marine insurance portfolio it
acquired with its purchase of London & Edinburgh last year
to St. Paul Syndicate Management Limited.

This acquisition gives The St. Paul the renewal rights to
more than #40 million gross written premium (US$65 million)
in 1999. Though Norwich Union retains financial
responsibility for the existing book, St. Paul will service
both the existing and renewal business as part of its marine
operation. The 20-member team will transfer to The St. Paul's
operations at Lloyd's. 

Patrick Snowball, chief executive of Norwich Union's UK
general insurance operation said: "This is another example
of our excellent relationship with The St. Paul and we wish
them every success with the marine operation. This
transaction completes the sale of the London & Edinburgh
businesses identified as being outside Norwich Union's core
activities".


Media contact: Sue Winston on 01603 684224
Analyst contact: Rebecca Burrows 01603 680117


END
DISXVFFBKLKEFKQ
Nufcor Uranium (LSE:NU.)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Nufcor Uranium Charts.
Nufcor Uranium (LSE:NU.)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Nufcor Uranium Charts.