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CBG sells personal-lines insurance business to Swinton

Manchester based insurance broker, CBG Group (AIM: CB.) has disposed of its non-core personal lines business. In order to focus on its corporate insurance operations, the company has sold certain elements of its personal lines businesses to Swinton, on normal market terms.

The company said the disposed business currently generates annual revenue of £370,000 and at an operating level its contribution is effectively ‘break even’.

“The exit from this non-core business achieves our objective of concentrating on our core broking businesses, including the high net worth private clients division, where we enjoy strong market positions that offer good growth prospects and potential for developing long-term shareholder value", CBG Managing Director Mike Askew commented. "We continually review our operating activities, with the aim of becoming more focused without adversely affecting earnings”.

Disclosure: The author holds no positions in the company