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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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