Shareholders of RSA Insurance have ordered the firm to be put up for sale after the discovery of a £500m shortfall on its books that forced the resignation of its chief executive.
The Sunday Times reports large investors in the FTSE 100 business have written to demand it solicitor takeover bids. The report said Allianz, Axa and Zurich are all interested in the three hundred year old business.
Other investors are calling for the sale of its Canadian business or its rapidly expanding South American operations.
Chief executive Simon Lee resigned on Thursday last week following the third profit warning in six weeks. It said an inquiry into its Irish operations led to unexpected losses.
The Sunday Times said RSA is likely to scrap its dividend to save £240m as it "struggles" to plug a £500m black hold, sources told the paper.
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