A quartet of insurance giants, including Resolution, considered mounting a multi-billion pound break-up bid for rival Aviva.
Talks took place between Clive Cowdery's consolidation vehicle, RSA, Zurich Financial Services and Allianz, according to The Times. Under the plan, Resolution would have acquired the domestic life and pensions business and Aviva Investors - while RSA would have secured the general insurance arm, and Zurich and Allianz would have divided the European and Asian businesses. The talks fizzled out because Resolution could not achieve a satisfactory valuation, and the division of assets was not agreed. RSA, which had a £5bn bid rejected for Aviva's general insurance arm, is thought to re...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes