Fortis has cash. Chaucer has paper. Highway's management wants a sale, and quick. The equation seems simple. Cash wins. The general feeling in the market is that if Fortis does indeed want to buy Highway Insurance, then it will buy it.

Though the better fit would be Chaucer due to Highway's predominance in the non-standard motor risks sector and its FSA status outside of Lloyd's, an advantage to Ewen Gilmour and his Chaucer team. The share price however is still locked at around 40p so it would be advantageous to Highway if at least one of the "interested parties" showed its hand.