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12/06/2003
RBS buys Churchill insurance for £1.1bn
The insurance company Churchill has been sold to the Royal Bank of Scotland in a cash deal worth around £1.1 billion.
Winterthur Insurance, a subsidiary of Credit Suisse Group, signed an agreement to sell its subsidiary Churchill to The Royal Bank of Scotland Group (RBS) yesterday.
Winterhur says that sale is "an important step" in repositioning Winterthur's business portfolio.
In addition, the transaction will involve the repayment of debt to Credit Suisse Group companies amounting to around £100 million.
Commenting on the acquisition, Fred Goodwin, Group Chief Executive of RBS, said: "Churchill is an excellent acquisition for us; it will fit well alongside Direct Line, and will bring several advantages to the Group.
"RBS will retain both brands, Direct Line and Churchill, will ensure minimal disruption to customer-facing staff and hence to customers, and will deliver transaction benefits by combining IT, claims and central functions.
"This acquisition will make RBS the third largest general insurer in the UK, and an effective competitor, with a strong, efficient, scaleable platform for growth."
Winterthur Group CEO Leonhard Fischer said: "Although Churchill has been a very successful operation for Winterthur, we decided to sell it because it operates with a different business model and a different brand from the rest of Winterthur Group. The sale of Churchill has no repercussions or strategic implications for Winterthur's life business in the UK market, which is completely separate operationally and legally."
For the year ended 31 December 2002, Churchill reported premium income of £1.6 billion and profit before tax of £86 million. At 31 December 2002, Churchill had consolidated net assets of £0.7 billion.
(GMcG)
Winterthur Insurance, a subsidiary of Credit Suisse Group, signed an agreement to sell its subsidiary Churchill to The Royal Bank of Scotland Group (RBS) yesterday.
Winterhur says that sale is "an important step" in repositioning Winterthur's business portfolio.
In addition, the transaction will involve the repayment of debt to Credit Suisse Group companies amounting to around £100 million.
Commenting on the acquisition, Fred Goodwin, Group Chief Executive of RBS, said: "Churchill is an excellent acquisition for us; it will fit well alongside Direct Line, and will bring several advantages to the Group.
"RBS will retain both brands, Direct Line and Churchill, will ensure minimal disruption to customer-facing staff and hence to customers, and will deliver transaction benefits by combining IT, claims and central functions.
"This acquisition will make RBS the third largest general insurer in the UK, and an effective competitor, with a strong, efficient, scaleable platform for growth."
Winterthur Group CEO Leonhard Fischer said: "Although Churchill has been a very successful operation for Winterthur, we decided to sell it because it operates with a different business model and a different brand from the rest of Winterthur Group. The sale of Churchill has no repercussions or strategic implications for Winterthur's life business in the UK market, which is completely separate operationally and legally."
For the year ended 31 December 2002, Churchill reported premium income of £1.6 billion and profit before tax of £86 million. At 31 December 2002, Churchill had consolidated net assets of £0.7 billion.
(GMcG)
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