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Financials

Supermarket chain Co-Operative Group to sell underwriting arm for $238 mln

Jan 18 (Reuters) - Co-Operative Group Ltd, 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 ($238.5 million).

Co-Operative Group also said it signed a 13-year agreement with Markerstudy to distribute motor and home insurance products.

$1 = 0.7759 pounds Reporting by Sangameswaran S in Bengaluru; Editing by James Emmanuel

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