RSA Insurance Group News

Zurich Insurance Plans to Replace CEO Senn, Reports Swiss Magazine

Zurich Insurance Group AG is seeking to replace Chief Executive Officer Martin Senn after third-quarter losses forced it to abandon its bid for Britain’s RSA Insurance Group Plc, according to a Swiss business magazine. Switzerland’s biggest insurer has hired the …

Update: RSA Reports 1% Rise in NWP Despite ‘Distraction’ of Zurich Bid

British insurer RSA is not looking to be taken over but might consider offers if they are in shareholders’ interests, Chief Executive Stephen Hester said on Thursday after the firm posted a 4 percent rise in net asset value in …

Zurich Insurance Q3 Profit Falls 79% on Losses from Tianjin Port Explosions

Zurich Insurance Group AG said profit fell 79 percent in the third quarter after it booked $275 million in losses from the Tianjin disaster and set aside $367 million more in reserves to cover mainly North American auto and construction …

UK’s Aviva Seeks Smaller Acquisitions in Other Countries After Friends Life

Aviva Plc’s Chief Executive Officer Mark Wilson said the British insurer is looking for smaller acquisitions outside its home market as it continues to integrate Friend’s Life Group Ltd., the country’s largest insurance transaction in at least 15 years. “We’ll …

RSA’s Hester Expects More Bids After Zurich Abandons Takeover Offer

RSA Insurance Group Plc Chief Executive Officer Stephen Hester said the company will attract bids from other suitors after Zurich Insurance Group AG abandoned its 5.6 billion-pound ($8.7 billion) offer for the British insurer. “I am sure that this company …

Zurich Abandons $8.7B Takeover of RSA After Forecasting Losses in P/C Business

Zurich Insurance Group AG abandoned its proposed 5.6 billion pound ($8.7 billion) bid for British insurer RSA Insurance Group PLC on Monday after forecasting a $200 million loss in its general insurance business due to explosions at the Chinese port …

China’s Fosun in Advanced Talks to Buy RSA’s Middle East Unit: Sources

Fosun International Ltd., the conglomerate founded by Chinese billionaire Guo Guangchang, is in advanced discussions to acquire RSA Insurance Group Plc’s Middle East business, people familiar with the matter said. The sale could fetch less than $200 million, the people …

Irish Insurers Face Higher Reserves; Fairfax Financial to Invest in FBD Holdings

Irish insurers will have to set aside significantly more reserves to cover car-crash, workplace injuries and other claims as compensation payouts surge, according to the industry’s regulator. The nation’s central bank will tell insurers the results of a review of …

Zurich to Arrange $8.4 Billion in Financing for Takeover of UK’s RSA: Sources

Zurich Insurance Group AG has arranged 5.5 billion pounds ($8.4 billion) in financing for the takeover of smaller rival RSA Insurance Group plc, according to people with knowledge of the plan, signaling the Swiss insurer is getting closer to proceeding …

RSA to Sell Latin American Business to Suramericana

RSA Insurance Group plc, which received a takeover approach from Zurich Insurance Group AG, agreed to sell its Latin American operations to Suramericana SA for about 403 million pounds ($620 million) in cash. The sale will be “significantly” positive for …