January 18, 2019 / 6:26 PM / 6 months ago

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

(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.

Reporting by Sangameswaran S in Bengaluru; Editing by James Emmanuel

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