The bank-owned insurer has long been stalked by private equity firms, but has never managed to seal a deal
This weekend’s report that CVC Capital Partners has made a £4bn offer for RBS Insurance could bring a swift and dramatic conclusion to the long, drawn-out story of RBS’s forced disposal of its insurance arm.
But don’t take anything for granted: when it comes to bids from private equity houses, RBSI has a long and chequered history – and, despite many attempts, none of the purchases has ever quite got off the blocks.
1 September 2003: Royal Bank of Scotland Insurance group is created when Churchill Insurance is brought together with Direct Line.
April 2008: RBS announces potential sale of insurance arm as it launches £12bn rights issue.
July 2008: Speculation mounts that RBSI will be sold to private equity buyer as trade bidders rule themselves out of the race.
October 2008: The government bails out RBS; CVC and Swiss Re are linked with RBSI bid.
November 2008: Former Aviva boss Patrick Snowball is linked with bid; no announcement till February, says bank.
February 2009: RBS cancels the sale under the leadership of newly appointed chief executive Stephen Hester.
October 2009: The divestment is back on as the EU orders RBS to sell its insurance arm by 2013; the bank starts preparing for its preferred option of a flotation.
October 2011: CVC offers £4bn to buy RBS Insurance, prompting speculation that it could be tempted by a trade sale.
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.
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