Royal & SunAlliance is launching a campaign to generate £900m for a growth strategy to improve insurance stocks following the recent stock market falls.
According to reports, chief executive Andy Haste will ask shareholders to contribute to the rights issue at the announcement of half-year results on Thursday.
The company saw its shareprice rise on Friday to 138 ½ p from 56 ¼p after the Iraq situation and claims against the insurer from asbestosis.
The insurer is thought to be pricing its rights issue at 100p per share, offering a 30% discount on current share price.
Reports also suggest that Haste is preparing to announce on Thursday a major management shake-up in the wake of a report by management consultants McKinsey and Accenture. Some executives will be culled, according to sources.
The move follows the company raising almost £1bn by selling off overseas assets.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
