Aviva has turned down an estimated £5bn bid from rival RSA for its general insurance operations in the UK and other markets.
Sky News reports the Aviva board immediately rejected the offer, which was made in the "last few weeks", on the grounds it believes the company's model of offering both general and life insurance products is the correct strategy. According to Sky, RSA believes it could deliver significant value by integrating Aviva's general insurance operations with its own. As well as Aviva's UK business, RSA is understood to be interested in its general insurance arms in Canada, Ireland and elsewhere. It remains unclear whether RSA will return with a larger bid, and Sky makes clear there are cur...
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