Canadian Underwriter

Winterthur sale complete under new terms

July 27, 2001   by Canadian Underwriter

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Bermuda-based XL Capital has finalized its purchase of the Wintherur International operations of Credit Suisse Group. The all-cash deal, valued at US$405 million, is slightly less than originally announced because of the exclusion of "certain parts of the business agreed by the parties", states a press release.
The sale includes the Canadian branch of Winterthur International, but not the Canadian operations of Winterthur Insurance, which operate under The Citadel General Assurance. When the deal was originally announced in February, Winterthur International’s Canadian head Frank Amodeo said joining XL’s operations would help the company grow in North America.
Also included in the deal are Winterthur International Insurance in the U.K. and Switzerland and Winterthur International America Insurance, as well as other Winterthur International portfolios.
The new company will operate under the name XL Winterthur International and involves the integration of XL’s risk management business into Winterthur’s insurance operations. The release goes on to say that XL is especially interested in expanding its interests in the European market where Winterthur has an existing foothold.

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