Winterthur, the Credit Suisse-owned insurer which is being reshaped for a flotation or possible sale, has sold its Canadian unit to Axa Canada, part of the French financial services firm, for around C$310m (€225.5m).

The deal includes Winterthur Canada Financial Corporation and its subsidiary, the Citadel General Assurance Company, and completes Winterthur's withdrawal from the Canadian market.