Bloomberg News
LONDON - CGNU PLC, the U.K.'s biggest insurer, will pay $899 million for a 50% stake in two Royal Bank of Scotland Group PLC insurance units in an agreement that would let it sell products through the bank's branches.
CGNU would own half of Royal Scottish Assurance and National Westminster Life Assurance Ltd. The insurer had agreed to buy the stakes when it helped finance Royal Bank's acquisition of National Westminster Bank PLC this year.
The deal "confirms the [bank insurance] commitment we made to the market" last year, said Royal Bank chief executive Fred Goodwin.
