Corvus Shelves R&SA Offer

Corvus Capital, the investment group operated by British financier Andrew Regan, has decided not to pursue an offer for Royal & Sun Alliance, the U.K.’s second largest general insurer (See IJ Website June 13 and 14).

According to news reports, R&SA was distinctly unresponsive to the initiative, which led Regan to shelve it for the time being, even though he had apparently received backing from a number of investors, including some in the U.S.

In a statement to the press Corvus said it “remains mindful of the complexities inherent in a company operating within the insurance sector such as RSA and, with this in mind, would only have intended to proceed with an offer for RSA with the cooperation of its existing management.”