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Zurich scraps bid to take over UK insurance rival

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Photo: Zurich Insurance Group
09:30 CEST+02:00
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.

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