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Peel Hunt downgrades RSA Insurance as takeover nears completion

Fri, 07th May 2021 12:31

(Sharecast News) - Peel Hunt downgraded RSA Insurance on Friday to 'hold' from 'buy' but lifted the price target to 685p, which is the price it has agreed to be bought at by Intact Financial Corporation and Danish insurer Tryg.
The broker noted that RSA's takeover by the Intact-Tryg consortium is nearing completion, with all regulatory approvals now having been received.

Peel Hunt said the offer price is an attractive 18% premium to its 580p fair value estimate.

"We believe the consortium is buying RSA at an interesting inflection point for the Commercial lines business, as per the 1Q results, together with a healthy capital base.

"Intact's plans for RSA's UK Retail activities will be interesting to follow."

More News

5 Jun 2020 08:09

Britain cracks down on "vulture" pensions advisers

LONDON, June 5 (Reuters) - Britain's markets watchdog has banned contingent charging after lawmakers criticised financial advisors for ripping off steelworkers facing critical decisions about their pensions.Contingent charging refers to financial ...

1 Jun 2020 10:12

UK FCA Seeking Clarification In Virus Business Interruption Policies

1 Jun 2020 08:18

UPDATE 3-Hiscox, RSA among insurers tapped for UK pandemic test case

* Case to decide if insurers pay out to firms hit by pandemic* Court case expected in second half of July* Hiscox Action Group to continue with own legal action (Adds comment, detail)By Huw Jones and Carolyn CohnLONDON, June 1 (Reuters) - Insurers ...

1 Jun 2020 08:18

UPDATE 2-Hiscox, RSA among insurers tapped for UK pandemic test case

* Case to decide if insurers pay out to firms hit by pandemic* Court case expected in second half of July* Hiscox Action Group to continue with own legal action (Adds more detail)By Huw Jones and Carolyn CohnLONDON, June 1 (Reuters) - Insurers incl...

1 Jun 2020 08:18

UPDATE 1-British watchdog enlists eight insurers for pandemic test case

(Adds more detail, reaction)By Huw JonesLONDON, June 1 (Reuters) - Britain's Financial Conduct Authority said eight insurers, including Hiscox and QBE, will take part in a test case to decide whether their policies should compensate companies hit ...

1 Jun 2020 07:43

RSA and Hiscox participating in FCA Covid coverage test cases

(Sharecast News) - Insurance firms including RSA and Hiscox responded to a statement from the Financial Conduct Authority (FCA) on Monday, over the regulator's business interruption insurance court proceedings, which were first announced on 1 May.

29 May 2020 09:31

UK BROKER RATINGS SUMMARY: Barclays Lowers Admiral, Raises Direct Line

26 May 2020 13:04

UPDATE 1-Pandemic prompts call for EU catastrophe insurance cover

(Adds background, detail,)LONDON, May 26 (Reuters) - A European Union framework is needed to provide insurance cover for catastrophes such as pandemics and huge cyber attacks, the Federation of European Risk Management (FERMA) said on Tuesday.This...

26 May 2020 12:05

European risk managers propose EU catastrophe insurance

LONDON, May 26 (Reuters) - The European Commission should create an European Union-based resilience framework to provide insurance cover for catastrophes such as pandemics and huge cyber attacks, the Federation of European Risk Management (FERMA)...

19 May 2020 13:01

Aviva Names Former Lloyds CFO George Culmer As Chair

19 May 2020 12:39

Ex-Lloyds finance chief George Culmer takes Aviva Chairman role

May 19 (Reuters) - Aviva on Tuesday named former Lloyds Banking Group finance chief George Culmer as its chairman, as the British insurer grapples with the fallout of the coronavirus crisis.Culmer, who helped navigate Lloyds through its return to ...

18 May 2020 12:55

Monday broker round-up

(Sharecast News) - Land Securities: Barclays upgrades to overweight with a target price of 730p.

18 May 2020 12:41

UPDATE 2-Lloyd's, Hiscox among donors to 100 mln stg COVID-19 insurance fund -trade body

* Commitments of 82.5 mln stg so far* Group says has funding for legal action against Hiscox* Hiscox says paying claims quickly and fairly (Adds Hiscox comment, bullet points)By Carolyn CohnLONDON, May 18 (Reuters) - Lloyd's of London, Hiscox and R...

18 May 2020 12:41

UPDATE 1-Lloyd's, Hiscox among donors to 100 mln stg COVID-19 insurance fund -trade body

(Adds legal action against Hiscox, Lloyd's comment, detail)LONDON, May 18 (Reuters) - Lloyd's of London, Hiscox and RSA are among donors to a new British 100 million pound ($121 million) insurance and long-term savings COVID-19 support fund, the A...

18 May 2020 12:02

Lloyd's, Hiscox among donors to 100 mln stg COVID-19 insurance fund-trade body

LONDON, May 18 (Reuters) - Lloyd's of London, Hiscox and RSA are among donors to a new British 100 million pound ($121.19 million) insurance and long-term savings COVID-19 support fund, the Association of British Insurers (ABI) said on Monday.The...

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