XL buys CGU Surety

Following from the sale of its US general insurance business, CGNU has sold its US surety business. The buyer is Bermuda’s XL Capital through its US subsidiary XL Specialty Insurance. The purchase includes inforce business as well as CGU Surety’s offices in the US. According to XL Surety president Daryl LaForge: “CGU represents a good strategic fit. We expect that the existing organisational structures, coupled with a historical focus on different segments of the surety market, will allow us to quickly integrate these two operations while expanding our service capabilities.”