Local impacts of AXA's decision to buy Winterthur from Credit Suisse are yet to be publicly announced, according to a Winterthur Life UK spokesperson.
The massive CHF12.3bn, or 7.9bn euro, cash deal is the biggest in the European insurance sector since 2000, and sees the Swiss parent bank finally offload losses and risks that had dragged down its earnings over the past few years. However, according to the UK spokesperson, tight reigns are being kept on further individual market level information, such as how the deal may affect availability of certain products or what may happen to service levels in the UK. According to the information published today, Winterthur is active in 17 markets, with 13 million customers, and considers the UK...
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