(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."
15 Dec 2020 12:33
No judgment in UK COVID business insurance appeal before Jan 2021-watchdog
LONDON, Dec 15 (Reuters) - Britain's Financial Conduct Authority has been told by the UK's Supreme Court that no judgment in an appeal over business interruption insurance will be handed down before Jan 2021, the markets watchdog said on Tuesday....
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