The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRSA.L Share News (RSA)

  • There is currently no data for RSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

TOP NEWS: RSA Agrees GBP7 Billion Sale To Break Insurer In Two

Wed, 18th Nov 2020 08:51

(Alliance News) - RSA Insurance Group PLC on Wednesday said it has reached an agreement to be sold in a deal with a two-headed consortium which values the insurer at GBP7.2 billion.

The deal, first announced earlier this month, will see the insurer divided between Canada's Intact Financial Corp and Scandinavian insurer Tryg AS.

Under the deal, RSA shareholders will receive 685 pence in cash for each share, the same amount proposed earlier in November. In addition, RSA shareholders will be entitled to receive the insurer's interim dividend of 8p.

RSA shares were 3.9% higher at 671.70p each in London on Wednesday morning, the best performing blue-chip stock.

The acquisition price represents a premium of 51% to November 4's closing price in London, being the day before the announcement of Intact and Tryg's possible offer.

The deal will see Intact run RSA's Canadian, UK and international operations, while Tryg will take RSA's Swedish and Norwegian businesses. The two will co-own RSA's Danish business.

Tryg's contribution will be GBP4.2 billion with Intact's portion of the deal amounting to GBP3.0 billion.

"The board of RSA is pleased to be recommending Intact and Tryg's cash offer for the company, which delivers attractive, certain value for our shareholders. The offer reflects the strength and performance of RSA during a challenging period for our industry, representing a significant premium in cash," said RSA Chair Martin Scicluna.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
5 Nov 2020 07:20

Insurer RSA says underwriting profit strongly higher in 2020

LONDON, Nov 5 (Reuters) - British insurer RSA said on Thursday its underwriting profit rose strongly in the first nine months of 2020 due to improvements it had made to its underwriting strategy, despite the impact of the COVID-19 pandemic.RSA's ...

Read more
3 Nov 2020 09:38

UK BROKER RATINGS SUMMARY: Morgan Stanley Raises BP And Shell

UK BROKER RATINGS SUMMARY: Morgan Stanley Raises BP And Shell

Read more
2 Nov 2020 18:24

UPDATE 2-UK regulator, insurers, set for November court battle over COVID-19 case

(Adds Financial Conduct Authority comment)By Kirstin Ridley and Carolyn CohnLONDON, Nov 3 (Reuters) - The UK Supreme Court will hear an appeal on Nov. 16 of the Financial Conduct Authority's (FCA) test case over which insurance companies should off...

Read more
2 Nov 2020 18:24

UPDATE 1-UK regulator, insurers, set for November court battle over COVID-19 case

(Adds detail, background)LONDON, Nov 2 (Reuters) - The UK Supreme Court will hear an appeal on Nov. 16 of the Financial Conduct Authority's (FCA) test case over which insurance companies should offer payouts to small businesses battered by the cor...

Read more
2 Nov 2020 17:20

UK Supreme Court to hear business interruption insurance appeal this month

LONDON, Nov 2 (Reuters) - The UK's Supreme Court will hear an appeal of the Financial Conduct Authority's (FCA) business interruption insurance test case from Nov 16, 2020, it said on Monday.The hearing is expected to last four days, the court sai...

Read more
29 Oct 2020 16:02

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

Read more
21 Oct 2020 15:16

Insurers drop appeal against UK COVID-19 payout ruling on three policies

* Could lead to payouts to hundreds of struggling firms* Insurers to pursue appeal on two further policies* Lawyers for policyholders claim significant victoryBy Sinead CruiseLONDON, Oct 21 (Reuters) - Six insurers have decided not to appeal against...

Read more
18 Oct 2020 19:33

RSA chairman Martin Scicluna to step down next year - Sky News

Oct 18 (Reuters) - British insurance group RSA's chairman Martin Scicluna is expected to step down next year, Sky News reported on Sunday, citing sources. The Sky News report said RSA had begun a search for a successor to Scicluna, who also chair...

Read more
2 Oct 2020 17:15

UPDATE 2-FCA insurance test case appeal heads to Supreme Court

* Supreme Court to consider fast-tracked case by year-end* Qatar's QIC Europe fails in bid to join the proceedings* Appeal spells "nail in coffin" for small businesses-lawyer (Adds comment from small business, QIC Europe intervention attempt, lawye...

Read more
2 Oct 2020 17:15

UPDATE 1-London court fast-tracks FCA insurance test case appeal to Supreme Court

(Adds details, background)By Kirstin Ridley and Carolyn CohnLONDON, Oct 2 (Reuters) - London's High Court on Friday approved a fast-track appeal of an unprecedented test case against some of the world's biggest insurers, brought by Britain's marke...

Read more
2 Oct 2020 16:55

London court fast-tracks FCA insurance test case appeal to Supreme Court

LONDON, Oct 2 (Reuters) - London's High Court on Friday approved a fast-track appeal of an unprecedented test case against some of the world's biggest insurers, brought by Britain's markets regulator, allowing it to leapfrog straight into the Sup...

Read more
30 Sep 2020 17:44

UPDATE 2-UK regulator, insurers, brace for Supreme Court battle over COVID-19 case

(Adds details)By Kirstin Ridley and Carolyn CohnLONDON, Sept 30 (Reuters) - Britain's markets regulator said on Wednesday it had failed to strike a deal with major insurers over prompt payouts to small businesses battered by the coronavirus pandem...

Read more
30 Sep 2020 17:44

UPDATE 1-UK regulator, insurers, brace for Supreme Court battle over COVID-19 case

(Adds FCA comments, details, background)By Kirstin Ridley and Carolyn CohnLONDON, Sept 30 (Reuters) - Britain's markets regulator said on Wednesday it had failed to strike a deal with major insurers over prompt payouts to small businesses battered ...

Read more
29 Sep 2020 09:40

Appeals Lodged But UK Business Interruption Insurance Talks Continue

Appeals Lodged But UK Business Interruption Insurance Talks Continue

Read more
29 Sep 2020 09:37

UK BROKER RATINGS SUMMARY: Berenberg Says Buy AstraZeneca And Glaxo

UK BROKER RATINGS SUMMARY: Berenberg Says Buy AstraZeneca And Glaxo

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.