M&A Deal Summary

NatWest Group Acquires Churchill Insurance

On June 11, 2003, NatWest Group acquired insurance company Churchill Insurance from Credit Suisse Group for 1.1B USD

Acquisition Highlights
  • This is NatWest Group’s 2nd transaction in the Insurance sector.
  • This is NatWest Group’s largest (disclosed) transaction.
  • This is NatWest Group’s 3rd transaction in the United Kingdom.

M&A Deal Summary
Date 2003-06-11
Target Churchill Insurance
Sector Insurance
Buyer(s) NatWest Group
Sellers(s) Credit Suisse Group
Deal Type Add-on Acquisition
Deal Value 1.1B USD

Target

Churchill Insurance

Bromley, United Kingdom
Churchill is the widely recognised insurance brand in the UK insurance market. Churchill sells its products directly, as well as through a range of partners and a network of brokers. Churchill also owns NIG, highly regarded company within the insurance broker market. Churchill has 7 million policies in force.

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Buyer(S) 1

Buyer

NatWest Group

Edinburgh, United Kingdom
Category Company
Founded 1727
Sector Financial Services
Employees61,857
Revenue 14.8B GBP (2023)
DESCRIPTION

NatWest Group provides support to customers to manage their finances and do business. NatWest Group was founded in 1727 and is based in Edinburgh, the United Kingdom.

DEAL STATS #
Overall 4 of 12
Sector (Insurance) 2 of 2
Type (Add-on Acquisition) 2 of 6
Country (United Kingdom) 3 of 10
Year (2003) 2 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-05-14 Coutts

Zurich,, Switzerland

Coutts & Co Ltd is a provider of private banking services. Company offers investment, wealth management and advisory, and trust and fiduciary services to individuals.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-24 Condor Group

Poole, United Kingdom

Condor Group Ltd. is an operator of lifeline freight and passenger ferry services. Each year, Condor Ferries carries approximately 1 million passengers, 200,000 passenger vehicles, and over 900,000 freight lane meters between Guernsey, Jersey, the United Kingdom, and the Port of St. Malo in France.

Buy £239M

Seller(S) 1

SELLER

Credit Suisse Group

Zurich, Switzerland
Category Company
Founded 1856
Sector Financial Services
Employees50,110
Revenue 16.0B CHF (2021)
DESCRIPTION
Entrance to Credit Suisse's corporate headquarters in Zurich, Switzerland.
Entrance to Credit Suisse's corporate headquarters in Zurich, Switzerland.

Credit Suisse Group is a financial services provider which delivers financial experience and expertise to corporate, institutional and government clients and to ultrahigh-net-worth and high-net-worth individuals worldwide, in addition to affluent and retail clients in Switzerland. Credit Suisse Group was founded in 1856 and is based in Zurich, Switzerland.

DEAL STATS #
Overall 1 of 5
Sector (Insurance) 1 of 1
Type (Add-on Acquisition) 1 of 1
Country (United Kingdom) 1 of 1
Year (2003) 1 of 1
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-01 InterGlobe

Gurgaon, India

InterGlobe is an official distributor of Travelport in 6 markets across Asia Pacific region including India, Sri Lanka. The company provides cutting edge travel technology solutions with unmatched inventory options to its customers helping them increase their productivity and business efficiency. InterGlobe was formed in 2005 and is based in Gurgaon, India.

Buy -
Mergr

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