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Take a look at the last month chart, up from 390p, leak leak.
I remember that, but have only been in since March at 423p after reading about it possibly being prepared for t/o. So far so bad, until today!
So taking account the share consolidation (1 for 5) back in May 2014 the bid speculation has pushed the RSA SP back up to 97.6p in old money. Which, give or take the odd 1p or so, is exactly where they were when the **** hit the fan in Ireland in late 2013 That is progress for you.
Zurich interested and have until 25 Aug if they want to make an offer
There is also ex divi date in the not too distant future, forecast 13p, not much, but better than nothing.
RSA is ticking up with higher car insurance premiums reported and an interest rate hike on the cards. I'm actually in profit... :)
Sacked RSA Boss in Ireland awarded €1.25 million by tribunal: The former Chief Executive of RSA Insurance’s troubled Irish business has been awarded €1.25 million (£900,000) by an employment tribunal almost two years after he quit the company
http://www.rte.ie/news/2015/0622/709733-royal-sun-alliance-insurance-philip-smith/
My big concern with Hester is what he intends to sell off next. Everyone knows that the UK business needs to be overhauls, however the profitable arms are overseas. Its a case that you can only sell the family jewels once.
Hester pay revolt: Stephen Hester suffered a setback when 16 % of RSA’s shareholders voted against the Chief Executive’s pay at the company’s annual meeting in central London (writes Kathryn Hopkins). The package could be worth as much as £5.7 million, as long as Mr Hester meets all his targets.
RSA: clouding over: When Stephen Hester was appointed Chief Executive of insurer RSA in February last year the shares rose 8% in a week. But since then the clouds of low interest rates have obscured the sunny start and more than reversed that gain. Mr Hester has made the right moves to improve what was a troubled business. A £775 million rights issue last year fixed the balance sheet. The capital position is comfortable (but not excessively so). But the wind is not following. Low interest rates hurt in many ways. First they cut the income that RSA generates from its investment book. It expects £380 million of such income this year, against £439 million last year. Low rates also push yield-hungry investors to seek new homes for their capital, and insurance is one such home. The resulting capital influx pushes down premiums. So RSA did well to increase premiums slightly in the first quarter, reported on Thursday (although exchange rates pushed reported premiums down 6%). But add all the pressure together, and analysts expect RSA to report EPS of 32p for 2016. When Mr Hester was appointed, the estimate for 2016 was 56p. Thursday was a decent day for RSA. The shares edged ahead on the back of the first quarter numbers, while the jump in European government bond yields could also be helpful. But these are gaps in the clouds, rather than signs that the sun is returning.
Hester pay spat heats up: RSA is braced for an investor revolt this week over a long-term bonus package for Chief Executive Stephen Hester
I think Mr h is worth 2.1M bonus.. hang on I have been drinking heavily all day. Anyway what was saying... good luck Mr h
Hester faces pay revolt: RSA Boss Stephen Hester faces becoming embroiled in a fresh pay row, with the insurer’s largest investor set to protest over his £2.1 million salary and bonus package
about the pension scheme deficit? One thing's certain and that's Hestor is not a beneficiary so it's in his interest to sort out the deficit according to the needs of the company. Also people are forgetting that a deficit is at a fixed point in time and can completely change (for worse or better) almost overnight. It's the discount rate on long term bonds that are the issue, not the RSA PS. GI is an easy game as long as the risk management is sorted, that's what investors need to check. Oh, and yes, I am invested here (average at 440 ish)
What's that, you say?....This CEO is a greedy PA, RA-SOLE? Hold on, with any luck he may be dumped by 2016
alb1on, I take on board everything you have responded with and agree to a point. However I am almost certain that a large number of employees that have been paying into a final salary scheme for more than 20 years, have now been switched over into defined benefits/pension pot schemes on an accrual basis. They used to quote their fantastic final salary pension scheme in almost every recruitment advert they put out. It should be treated the same as other pension changes as you have indicated. They should agree to split the pension payment, on retirement according to how many years you paid in under final salary and how many under newer scheme. E.G. worked 44 years and for first 33 years paid into final salary scheme, then 3 quarters of pension should be based on your actual final salary and the rest according to the new sheme arrangements. Seems Dick Turpin rides again!
THAT'S how you get to be a Times Top 100 Employer! Goodness knows what a Bottom 100 Employer must be like!
Regarding the huge pension deficit...... As with many other companies carrying huge deficits, it would not surprise me at all if RSA, or its constituent companies before merger, had benefitted for extended pension contribution holidays, whereby they made no contributions at all, as they felt there was already plenty in the pot to cover all future pensioner commitments. That should never have been allowed as it was a direct raid on the surplus generated by successful investments that would become the future pensions of its existing employees. As a result of the current deficit, RSA have diluted the previously agreed pension terms that employees signed up for and paid into. So you sign up for a great pension and agree the payments and just when you are about to retire, the rules are changed and you end up with bu**er all, while the execs fill their pockets and pension pots with obscene amounts in comparison to what the average Joe will get
LOL! I just looked up the umbrella type agencies they use and one is called................... PARASOL!
It is also noteworthy that RSA have watered down their employee ShareBuild scheme massively reducing the incentive for staff to invest in their own company. RSA will now only match monthly ShareBuild purchases on a basis of 1:5 as opposed to the usual 1:1 offered by the majority of FTSE companies that operate the scheme. It is a real kick in the teeth for loyal employees who would have to hold onto the matching shares for 5 years to get the full benefit. I expect the top executives will still keep their additional bonus benefits intact rather than have them reduced by such plundering. They are also employing more and more people on these punitive temporary contracts at arms length via agencies, that act as the pseudo employer, treating the eager workforce like dirt with so many unfair working practices it is unbelievable. "I have to be at my desk with my computer up and running, having read all my emails and work messages, ready to take a call at my exact starting time. I do not get paid for the preparation, and must take calls right up to the very second my session finishes, even though calls can take a minimum of 2-3minutes and can last for up to 30 minutes. So ifI get a call 10seconds before my signing off time, I have to take it and finish it. I only get paid if it runs more than 8 minutes into my own time and I must contact my leader, before signing off to request the overtimact up to e to be logged, which is very difficult and time consuming to do in itself. So I end up getting away 20 minutes late with little chance of being paid" Companies can extract up to an extra 10% unpaid work from employees via such sharp practices and do it without any qualms as "they" are not the employer, that role is undertaken by an "umbrella" company. There is no doubt, however, who lays down the rules of how the employees will be treated, but who hide behind this "umbrella" arrangement in order that they can maintain their reputation as a "Times Top 100, employer as rated by its (permanent) employees" The way they operate is truly despicable!
RSA’s Hester awarded two-thirds of bonus despite missing targets: Stephen Hester, Chief Executive of RSA, has been awarded two-thirds of his potential annual bonus even though the FTSE 100 insurer missed financial performance targets.
RSA considers Latin America sale: RSA is considering a sale of its Latin America business in what would be the largest disposal yet by the U.K. insurer’s Chief Executive Stephen Hester as he undertakes a wide-ranging restructuring.
RSA returns to the black under new Boss Stephen Hester but shares drop as dividend disappoints: Insurer RSA heralded a return to profit under new Chief Executive Stephen Hester, by announcing it will pay a final dividend to shareholders after a year of restructuring, cost savings and disposals - in addition to putting its Middle East and Russian businesses on the block.