Zurich scraps bid to take over UK insurance rival
AFP/The Local - [email protected]
Published: 21 Sep, 2015 CET.
Updated: Mon 21 Sep 2015 09:30 CET
Switzerland's Zurich Insurance says it has scrapped a €7.7-billion bid to take over its British rival Royal & Sun Alliance.
"Discussions with RSA have now been terminated and . . . Zurich does not
intend to make an offer," the company said in a brief statement on Monday.
Separately, the Swiss insurer said it faces losses of €243 million ($275 million) following last month's industrial disaster in Tianjin, China.
The insurer said it forecast third-quarter losses of $200 million in its general insurance business and will conduct a review of the unit.
Massive explosions at a hazardous goods storage firm in Tianjin, northeastern China, on August 12th killed 161 people.
Comments
See Also
"Discussions with RSA have now been terminated and . . . Zurich does not
intend to make an offer," the company said in a brief statement on Monday.
Separately, the Swiss insurer said it faces losses of €243 million ($275 million) following last month's industrial disaster in Tianjin, China.
The insurer said it forecast third-quarter losses of $200 million in its general insurance business and will conduct a review of the unit.
Massive explosions at a hazardous goods storage firm in Tianjin, northeastern China, on August 12th killed 161 people.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.