Zurich comments on RSA offer

Zurich Insurance Group has said that any offer it might make for British rival RSA would likely be in cash, a day after it said it was evaluating a potential offer.

The bid by the Swiss firm for RSA Insurance Group could top £5.1 billion, a further example of consolidation in the sector at a time of tighter regulations and toughening market conditions.

‘Zurich Insurance Group Ltd confirms that it is likely that any offer, if made, will be solely in cash,’ a spokesperson for Europe’s third-largest insurer said in a statement.

The insurer didn’t comment on specifics of financing should the deal come together.
RSA responded by saying it had held no talks with Zurich and received no proposal.