World News – UK – Intact Financial and Tryg earn US $ 9Proposed to buy 3B for UKRSA from BNN Bloomberg


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RSA Insurance Group Plc says it has received a £ 71 billion (USD 93 billion) takeover proposal from Intact Financial Corp of Canada and Danish insurer Tryg A / S

The UK company has received a proposal from Intact and Tryg for a potential cash offering of 685 pence per share, she said in a statement on Thursday, confirming an earlier report from Bloomberg News An offer at this level would represent a 49% premium over RSA’s Wednesday closing price

Shareholders would also receive the previously announced interim dividend of 8 pence per share, according to the statement RSA said it was in talks with the consortium and said it would likely recommend the potential offer The proposal is subject to due diligence and there is no certainty that it will lead to a formal offer

If a deal goes through, Toronto-based Intact would retain RSA’s Canadian business as well as its UK and international division, according to the statement Tryg plans to retain RSA’s operations in Sweden and Norway, while the RSA activities in Denmark would be jointly owned by the two companies

Insurers have continued to seek ladder even as they grapple with the impact of low interest rates and the coronavirus pandemic Deal could be one of the biggest acquisitions ever for Intact, with a market value of approximately $ 21 billion (US $ 16 billion)

RSA offers a range of general and specialty insurance products and has long been viewed as a potential recovery target In 2015, Zurich Insurance Group AG dropped a £ 6bn Offer for RSA after an explosion at a Chinese port resulted in losses to its own business A potential stumbling block for any new suitor could be RSA pension, which guarantee payments to its retired workers, regardless of market returns

The London-based insurer said earlier Thursday that its operations in the UK, Canada and Scandinavia are all performing on or above expectations, excluding the impact of COVID-19 claims The group’s operating profit increased in the first nine months of the year, he said in a statement

Takeover would add $ 130 billion in deals this year involving insurance companies around the world, according to data compiled by Bloomberg Industry volumes rose nearly 50% from 2019 levels thanks to the takeover of Willis Towers Watson Plc by Aon Plc of approximately US $ 30 billion

R S A, Intact Financial Corporation, Tryg, Takeover, Underwriting Profit

World news – EN – Intact Financial and Tryg earn US $ 9Proposed to buy 3B for UKRSA from BNN Bloomberg


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