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 government criticised over Equitable Life
The UK government has come under fierce criticism with regards to the Equitable Life saga which the High Court now believes was the subject of inadequate regulatory oversight for more than 10 years. Equitable Life was forced to close its doors to new business back in 2000 after it was revealed that the company was unable to pay out on guaranteed annuities which had been written many years before.<...Read More
Budget airlines accused of breaking EU insurance rules
A number of budget airlines around the world, including the UK, today stand accused of ignoring EU legislation with regards to additional charges and taxes which budget airlines add to their ticket prices. The EU ruled that additional charges such as travel insurance and cancellation insurance should be opt in rather than opt out, there by assuming that unless a customer specifically requests it,...Read More
Are your insurance policies secure?
News that Aviva has taken a hit on its asset base but is still financial secure will offer at least some short term relief to consumers and investors but should we be worried about the long term stability of the insurance market? Do we need to review who we hold our policies with?
While it would be a little foolish to suggest that we should all be checking the small print of our ins...
Nottingham residents most likely to be burgled
Householders in Nottingham are more likely to be burgled than anyone else in Britain, it has been revealed.A new survey shows that people in the East Midlands city are at an 88.7 per cent increased risk of having their homes broken in to.The claim is made by Endsleigh, which has analysed insurance claims in the UK over the last four years to deduce the riskiest and safest towns in Britain in terms...Read More
Is it time to revamp motor insurance?
A report by Cardiff University has today hit the headlines with a suggestion last over 200 lives a year could be saved, as well as 1700 fewer serious injuries, if young drivers between the ages of 17 and 19 are restricted from driving at night. There are also calls for younger drivers to be banned from carrying young passengers with statistics showing that males under the age of 21 are 10 times mo...Read More