cloudyn.png
Sunday January 24th, 2021 7:55PM

UK insurance firm RSA agrees to $9.4 billion takeover offer

By The Associated Press

LONDON (AP) — RSA Insurance, one of the U.K.'s oldest insurance companies, agreed Wednesday to a takeover by Canadian and Danish buyers in a cash deal that values it at 7.2 billion pounds ($9.4 billion).

Canada’s Intact Financial Corp. and Denmark's Tryg said their offer of 685 pence per share represents a 51% premium on RSA's share price on Nov. 4, the day before the announcement of a possible offer.

Under the terms of the deal, Tryg will pay 4.2 billion pounds to take over RSA’s Swedish and Norwegian businesses, while Intact will pay 3 billion to buy RSA’s operations in Canada, the U.K., Ireland and other international locations. The two companies will co-own RSA’s Danish business.

The deal needs to be approved by shareholders.

Tryg said it was likely to cut between 10% and 15% of staff in the combined businesses across Norway and Sweden in the first three years following the acquisition. Intact said the deal will lead to some job cuts in RSA’s global head office functions but did not provide more detail. It said it would confirm the impact to affected staff within 120 days of the deal's completion.

RSA employs around 13,500 people worldwide and has about nine million customers across more than 100 countries.

Founded more than 305 years ago, RSA is one of the world’s longest-standing general insurers. Its brands, including More Than, offer personal insurance for home, car, pet and travel. The company also has a commercial insurance arm.

“RSA has provided peace of mind to individuals and protected businesses from risk for more than 300 years," said RSA Chairman Martin Scicluna. "I am confident that the values of our business, and not least our dedication to serving customers well, will be sustained as part of Intact and Tryg.”

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Industries, AP Business - Financial Services, AP Business - Personal Finance
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Sorry, Grinch. Virus won't stop NORAD from tracking Santa
Children of the world can rest easy
5:53AM ( 12 minutes ago )
German capital braces for protests of coronavirus measures
Berlin police are cordoning off a wide perimeter around the capital’s government center in preparation for protests expected as parliament votes on a bill that would strengthen the government’s ability to impose restrictions to slow the spread of the coronavirus
4:58AM ( 1 hour ago )
Tokyo sees record number of new cases amid nationwide spike
Authorities in Tokyo have announced nearly 500 new cases of the coronavirus, the biggest daily increase in the Japanese capital since the pandemic began, amid a nationwide spike in infections and as the country discusses with Olympic officials how to safely host next summer's games
4:54AM ( 1 hour ago )
Associated Press (AP)
Car sales slump again in Europe amid renewed restrictions
After a one-month reprieve, passenger car sales in Europe slumped again in October amid new restrictions in many countries aimed at containing a resurgence of the coronavirus
4:16AM ( 1 hour ago )
The Latest: Tokyo records single-day high in virus cases
Authorities in Tokyo have announced nearly 500 new cases of the coronavirus, the biggest daily increase in the Japanese capital since the pandemic began, amid a nationwide spike in infections and as the country discusses with Olympic officials how to safely host next summer’s games
4:11AM ( 1 hour ago )
Global stocks mixed after Wall Street falls on virus worries
Global stock markets are mixed after Wall Street declined as worries about the long-term impact of the coronavirus pandemic tempered hopes for development of a possible vaccine
3:49AM ( 2 hours ago )
AP Business
Bankruptcy judge OKs federal settlement with Purdue Pharma
A bankruptcy judge has given his approval to OxyContin maker Purdue Pharma's $8 billion settlement with the U.S. Department of Justice
8:46PM ( 9 hours ago )
The Latest: Maryland restricts hours, capacity for business
Maryland Gov. Larry Hogan is imposing limits for operating hours and capacity of businesses amid a surge in coronavirus cases
6:16PM ( 11 hours ago )
The Latest: UK adds 598 COVID-19 deaths; reports over 52K
The British government says another 598 people across the U.K. have died after testing positive for the coronavirus, the highest daily figure since May
4:53PM ( 13 hours ago )
AP Business - Corporate News
The Latest: Los Angeles orders new pandemic restrictions
Los Angeles County has imposed new restrictions on businesses and is readying plans for a mandatory curfew for all but essential workers if coronavirus cases keep spiking
9:54PM ( 8 hours ago )
Hurricane Iota roars onto Nicaragua as 2nd blow in 2 weeks
Hurricane Iota is tearing across Nicaragua with screeching winds and pounding surf
9:44PM ( 8 hours ago )
The Latest: WH task force warns virus spreading aggressively
The White House coronavirus task force is warning of “aggressive” and “unrelenting” spread of the coronavirus as the nation heads into Thanksgiving
9:28PM ( 8 hours ago )
AP Business - Industries
Fed's Brainard urges greater diversity in field of economics
A Federal Reserve official widely considered a front-runner to be tapped as President-elect Joe Biden’s Treasury Secretary is urging universities and government agencies to make the field of economics more inclusive
3:36PM ( 14 hours ago )
Controversial Fed nominee Shelton faces razor-thin vote
President Donald Trump's controversial nominee to the Federal Reserve is facing a razor-close vote in Congress
2:27PM ( 15 hours ago )
Pandemic draws more Latin American poor into banking system
Across Latin America, the COVID-19 crisis has yielded a rare bright spot: Millions of people who were long excluded from traditional banking have now joined the financial system
9:27AM ( 4 days ago )
AP Business - Financial Services
Pandemic pushes steep drop in foreign college students
Colleges in the U.S. have seen a sharp enrollment drop among international students this fall
12:05AM ( 2 days ago )
Biden has room on health care, though limited by Congress
President-elect Joe Biden is unlikely to get sweeping health care changes through a closely divided Congress, but there’s a menu of narrower actions he can choose from to make a tangible difference on affordability and coverage for millions of people
5:54AM ( 5 days ago )
UK to increase powers to block foreign investments
The British government plans to increase its power to block or modify foreign investment in the U.K. on national security grounds under legislation to be introduced Wednesday
8:29AM ( 6 days ago )
AP Business - Personal Finance
Sorry, Grinch. Virus won't stop NORAD from tracking Santa
Children of the world can rest easy
5:53AM ( 13 minutes ago )
German capital braces for protests of coronavirus measures
Berlin police are cordoning off a wide perimeter around the capital’s government center in preparation for protests expected as parliament votes on a bill that would strengthen the government’s ability to impose restrictions to slow the spread of the coronavirus
4:58AM ( 1 hour ago )
Tokyo sees record number of new cases amid nationwide spike
Authorities in Tokyo have announced nearly 500 new cases of the coronavirus, the biggest daily increase in the Japanese capital since the pandemic began, amid a nationwide spike in infections and as the country discusses with Olympic officials how to safely host next summer's games
4:54AM ( 1 hour ago )
Women's hoops coaches find creative ways to fill schedules
Louisville women’s basketball coach Jeff Walz knows it’s likely games will be scrapped at the last minute this season because of the coronavirus
4:53AM ( 1 hour ago )
Watchdog slams UK over secrecy in virus equipment contracts
Britain's public spending watchdog says the government spent billions without proper transparency in a scramble to secure protective equipment early in the coronavirus outbreak
4:37AM ( 1 hour ago )