Aviva rejects approach from RSA
It has today been revealed by Sky news that UK insurance companies Aviva and RSA have been in communication regarding a potential sale of the Aviva general insurance division. It is believed that RSA made an offer of around £5 billion for the operation which was immediately rebuffed by Aviva. It is not clear why the approach was not publicised at the time, reported to have been last month, but the news has most certainly shaken up the UK insurance sector.
While there has been no further communication between the two parties since the initial approach it is believed that RSA may well come back with a higher offer which Aviva may well have to consider "in public". There have been many rumours and counter rumours within the UK insurance sector for some time now and many believe it is inevitable there will be an exchange of assets between various UK operations. Indeed the Prudential was itself recently the subject of takeover rumours after the company's failed bid for AIG's Far East operation.
At a time when takeovers and mergers in the UK are few and far between, all eyes will be on the insurance sector awaiting further news and further developments.
UK home holidaymakers 'not taking out insurance'
Many Britons are not taking out travel insurance for their holidays within the UK - despite the risk of being left out of pocket.New analysis from Sainsbury's Finance shows the potential scale of the problem, by finding that 15 per cent of British adults have never gone abroad and that around 50 million domestic holidays are taken each year at a total cost of £10.9 billion.The firm suggested that...Read More
Insurer’s urge Consumers to hide Christmas Gifts
The Association of British Insurers (ABI) has urged Christmas shoppers to hide gifts in the run up to the festive period. This comes after insurance claims last December reached £35m, with 23,000 burglaries reported in relation to stolen Christmas gifts. The most common targets have included parked cars with gifts left inside as well as homes where gifts are left on show or unattended, while...Read More
Clocks go back, car insurance claims go up
According to figures from Norwich Union, as the clocks go back, heralding the start of winter, insurers will see a massive increase in the number of motorists making claims on their policy.With nights getting darker after the switch back to Greenwich Mean Time on Sunday October 28th, many people will find themselves driving in the dark for the first time in months, with some 15 per cent of drivers...Read More
Six million Brits caught out by ignoring small print
Over half of all UK adults fail to read the small print when purchasing financial or electrical products, a survey has revealed.The research by price comparison website Go Compare shows that six million people have had difficulties after not paying attention to terms and conditions.One of the main products where this problem is particularly notable is when people find that they are not covered ade...Read More
Another Potential Bidder For RBS Insurance Division Pulls Out
As D-day approaches for the submission of bids for the RBS insurance division, valued in the region of £7 billion, it seems that interest in the asset is faltering. Italian giant Generali is the latest potential suitor to pull out of the auction amid concerns that the first deadline, Wednesday this week, may well see only a small number of bidders come to the fore.
While there a...