CIS General Insurance Limited prices £70m bond to fund investment programme
CIS General Insurance Limited ('Co-operative Insurance'), the insurance business of The Co-operative Group, has today successfully launched and priced a £70m fixed rate Tier 2 subordinated bond.
The proceeds of the bond issue will be used to finance an investment programme targeted at Co-operative Insurance's strategic goal of becoming the go-to insurance provider for members of The Co-operative Group.
Mark Summerfield, Chief Executive of Co-operative Insurance, said:
"This fundraising marks a significant milestone for Co-operative Insurance. We have a compelling strategy to drive our business forward, focused on our goal of becoming the go-to insurance provider for members of the Group. This fundraising gives us the ability to leverage our competitive advantages through a greater focus on our members and their insurance needs."
For further information contact:
The Co-operative Group
- Russ Brady - 07880 784442
- Catherine Turner - 07834 090783
- Susanna Voyle / Jonathan Sibun - Tel: 020 7353 4200