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.
It is time to look at cut price health insurance?
As more and more health insurance policyholders learn of increasing premiums this year there is a feeling that the sector could go quiet in the short to medium term. However, while many in the UK are struggling to survive on a day-to-day basis there are significant concerns that health insurance could be a short-term victim of ever tighter budgets. But is there an alternative?
Administrators not in a hurry to sell off Quinn Insurance
Grant Thornton, the official administrators of the Quinn Insurance empire, has today confirmed that while interest has been shown in the operations there have been no discussions with potential buyers of the business. The Quinn Insurance saga appears to be getting more complicated by the day with court action, comments from the administrators and comments from the regulators appearing to cast diff...Read More
With-profits bond holders hit by exit fees
Just when you thought it could not get any worse we have today seen Norwich Union introduce exit fees for with-profits bond holders. The group had been the only one of the majors which had not introduced the charge before today, but now the whole sector is singing from the same hymn book.
The move will see with-profits bond holders hit by exit charges ranging from zero to twenty fi...
Does my car insurance cover me to drive somebody else's car?
Car insurance is often a very grey area because of the different variations available and different terms and conditions which are attached to the various insurance companies in the UK. A number of people have automatically assumed that if they are insured under a comprehensive plan then they will be covered on a comprehensive basis for driving somebody else's car. However, you may need to think a...Read More
Insurance claims flood in
Up to 8,600 insurance claims are estimated to have flooded in from anxious policyholders following yesterday's wet weather.After torrential rain and flooding plagued a number of areas across the UK, Abbey Home Insurance warned that the damage wrought by the freak conditions had come as a "shock" to many people.The insurer estimates that some 3,200 claims for flood damage were made yesterday alone....Read More