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Winterthur £300m bid for Colonial UK business

Winterthur Life has offered £300m for Colonial Life&#39s UK business after

Countrywide Assured backed out of talks earlier this year.

Winterthur, the life insurance arm of Credit Suisse, was granted exclusive

bidding rights three weeks ago and has put in an offer for the UK arm of

the Australian insurer.

The deal will be put before Credit Suisse&#39s board later this month but it

is expected it will go through without a hitch.

Winterthur claims it has a 40 per cent share of the Sipp market but its

overall life and pension market share is relatively small despite having

grown by 1,000 per cent in the UK over the last 10 years.

The Colonial deal is seen by Winterthur as a means to gain greater

exposure in the UK.

Colonial has around 380,000 policyholders and £4.6bn of assets under

management in the UK. It sells though a tied salesforce.


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