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2,000 job cuts as CGU and NU merge

CGU and Norwich Union have agreed a £19bn merger, creating the UK&#39s biggest insurance group and costing 2,000 job losses in Scotland.


The move will form a company powerful enough to take on the world&#39s biggest insurers including Axa and Allianz and will result in cost savings of at least £250m a year.


CGU shareholders will hold 58.5 per cent of the new giant, giving NU shareholders 41.5 per cent of the newly-named “CGNU”.


Barclays Stockbrokers corporate development director Justin Urquhart Smith says: “Although there will inevitably be job losses, it does mean there will be an all-British large insurance business to compete with the likes of Axa and Allianz.”

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