The insurer earlier this year announced a $3bn (£1.93bn) war chest reserved for mergers and acquisitions (M&A)
Swiss-based Zurich Insurance Group is ”evaluating a possible offer” for rival insurer RSA, it said in a statement to the London stock exchange.
Zurich confirmed that while this was no confirmation of a firm offer, the group was looking at the possibility of acquiring the UK-based insurer, worth an estimated £5.5bn according to the Financial Times.
RSA has declined to comment on the statement.
Earlier this year, Zurich announced an expected $3bn (£1.93bn) of excess capital.
At the time, chief executive Martin Senn said: “If there is excess capital – and that’s what we have announced now – then we look to deploy that excess capital either by means of M&A.”
Zurich made no further comment on the statement. It has until 25 August to announce whether it intends to make a formal offer.
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.
No comments yet