Supermarket chain Co-Operative Group to sell underwriting arm for $238 million

FILE PHOTO: A customer enters a branch of a Co-Operative food store in central London, in this file photograph dated April 16, 2014. REUTERS/Toby Melville/file photo - Copyright Toby Melville(Reuters)

By Reuters

Published on 18/01/2019 - 19:34•Updated 24/04/2024 - 20:32

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(Reuters) - Co-Operative Group Ltd <42TE.L>, Britain's sixth largest supermarket group, said on Friday it was selling its insurance underwriting business, CIS General Insurance, to motor insurance specialist Markerstudy for 185 million pounds.

Co-Operative Group also said it signed a 13-year agreement with Markerstudy to distribute motor and home insurance products.