ZURICH/LONDON, Sept 21 (Reuters) – Zurich Insurance
abandoned its proposed 5.6 billion pound ($8.7
billion) bid for Britain’s RSA on Monday, after
forecasting a $200 million third-quarter loss largely due to the
devastating explosions at the Chinese port of Tianjin.
A day before a bid deadline under British takeover rules,
Zurich said it would conduct a review to improve the performance
of its general insurance business, instead of taking over its
London-listed rival, sending RSA shares down by as much 23
(Reuters) – Phoenix Group Holdings (PHNX.L: Quote, Profile, Research, Stock Buzz), Britain’s largest owner of life assurance funds closed to new customers, is in talks to buy Guardian Financial Services, it said on Thursday, although analysts say uncertainty over new capital requirements for European insurers could delay any agreement.
The move comes as life insurers in the UK are also having to adapt to an overhaul of taxation rules which effectively give retirees more control over their pension pots, no longer compelling them to buy annuities on retirement.
LONDON/FRANKFURT (Reuters) – A prolonged decline in global reinsurance prices is spurring merger moves in the sector, with many executives attending next week’s annual industry meeting in Monte Carlo eyeing who might next become predator or prey.
While the $600 billion industry, which helps insurers shoulder the burden of losses on costly events such as hurricanes and floods, is expected to see price declines slow to less than 10 percent next year, a hoped-for stabilization in prices may come too late for many.
Sept 8 (Reuters) – British insurer RSA is selling
its Latin American operations to Colombia’s GrupoSura
for 403 million pounds ($617 million) in a deal that could ease
RSA’s own takeover by Zurich Insurance.
The sale is the latest move by Chief Executive Stephen
Hester to sell off non-core assets and shore up the firm’s
balance sheet. It comes after RSA received a friendly takeover
approach from rival Zurich Insurance.
LONDON/FRANKFURT, Sept 3 (Reuters) – A drop in capital
buffers reported by Dutch insurers has raised concern over how
well prepared the broader European industry is for revised rules
on the amount of money they need to hold in case of market
Nationalised Dutch insurer ASR said last week its available
capital would fall sharply under the Solvency II rules coming
into force in Jan. 2016. Similar warnings from listed Dutch
companies Aegon and Delta Lloyd.
prompted steep falls in their share prices.
LONDON/ZURICH (Reuters) – Zurich Insurance (ZURN.VX: Quote, Profile, Research) made a friendly 5.6 billion pound takeover proposal for British rival RSA (RSA.L: Quote, Profile, Research) on Tuesday, paving the way for one of Europe’s biggest insurance deals.
Zurich said a month ago it was weighing a bid but left it to the last day under British takeover rules to unveil a cash offer of 550 pence per share, roughly in the middle of the price range expected by investors in Zurich and RSA.
LONDON/ZURICH, Aug 25 (Reuters) – Zurich Insurance
made a friendly 5.6 billion pound ($8.8 billion) takeover
proposal for British rival RSA on Tuesday, paving the
way for one of Europe’s biggest insurance deals.
Zurich said a month ago it was weighing a bid but left it to
the last day under British takeover rules to unveil a cash offer
of 550 pence per share, roughly in the middle of the price range
expected by investors in Zurich and RSA.
LONDON, Aug 21 (Reuters) – Shareholders in British insurer
RSA are bracing for a lowball bid from prospective
suitor Zurich Insurance, putting one of Europe’s
largest ever insurance deals in doubt.
After flagging its interest to the market on July 28, Zurich
has until Tuesday evening to make an offer or retreat for at
least six months, unless RSA asks for an extension.
ZURICH/LONDON, Aug 6 (Reuters) – Zurich Insurance Group
has reiterated its interest in RSA but
stressed it would not overpay for the British insurer, which
said the “ball is in Zurich’s court” in determining what happens
next in the possible takeover.
Cash-rich Zurich is weighing up a bid for RSA, a deal which
would vault the Swiss insurer into the leader’s seat in British
commercial insurance and help with access to Canada, Scandinavia
and Latin America.
LONDON, Aug 6 (Reuters) – British private healthcare group
Bupa has extended an 800 million pound ($1.25
billion) syndicated credit facility by three years to 2020 at
least to strengthen its capital buffers, its chief executive
European Union Solvency II regulations for insurers come
into force in January 2016, and are expected to require firms to
set aside more capital in the event of shocks to their business.