RSA

30% flat rate of tax relief proposed

Zurich has withdrawn its £5.6bn bid for rival firm RSA group after suffering losses in its general insurance business.

Insurance giant Zurich has revived its attempt to acquire rival business RSA with a new proposed cash offer of 550p per share, valuing the company at about £5.6bn.

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.

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