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.
Insurance cancellations rise due to recession
The Association of British Insurers has revealed startling figures which show that many people in the UK are looking towards their insurance policies as a means of saving money. It was revealed that 22% have either cancelled or not renewed their home contents insurance over the last 12 months purely as a means of reducing their outgoings. A further 17% no longer have building insurance which is an...Read More
Insurance cheats are putting lives at risk
While figures from the Insurance Fraud Bureau confirmed there has been an 11% reduction in so-called "crash for cash" crimes on the roads of the UK there are concerns that fraudsters and crooks are targeting specific areas of the UK. The so-called "crash for cash" scam involves fraudsters and crooks staging a variety of traffic accidents often involving innocent drivers, which have resulted in sig...Read More
Insurance fraud peaks at 2300 claims a week
The Association of British Insurers has issued a damning report on the UK insurance arena with confirmation that over 2300 fraudulent insurance claims are being discovered each and every week. It is estimated that these claims account for over £800 million a year which is then passed on to UK consumers who are left yet again to foot the bill. So why are insurance fraud claims rising? While the...Read More
Is your life insured?
While the vast majority of people in the UK know fine well that life insurance could be something of a godsend for those left behind in the event of a tragedy it seems that many people still have inadequate life insurance cover in place. Those who have a mortgage in the UK will have some form of insurance attached to this mortgage which will see the outstanding balance paid off in the event that b...Read More
Tesco moves into insurance in a big way
UK supermarket giant Tesco has signed a deal with insurance giant Fortis which will see Tesco Financial providing motor and household insurance in a partnership which will last at least until 2015 and possibly beyond. While there are specific benefits for Fortis, making the group the largest insurer of UK motor vehicles with around 2.7 million customers, the benefits for Tesco are potentially enor...Read More