Zurich scraps bid to take over UK insurance rival
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.