RSA's Hester reportedly eyeing £350m share placing
Provider needs to raise cash following Ireland accounting issues.
RSA is looking to raise up to £350m through a share placing, according to reports.
The Financial Times has stated that Stephen Hester, recently appointed as chairman at RSA, has approached institutional investors to garner support for this approach.
The insurer needs to raise hundreds of millions of pounds to remedy a black hole caused by accounting issues in its Irish business, which was revealed in the final quarter of 2013.
Sources have claimed that Hester has made an “emergency cash call”
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Five insurers scoop Gracechurch’s regional Service Quality Marques
Allianz has been awarded two UK regional market insurer Service Quality Marques by Gracechurch, with Arch Insurance, Axa, Chubb and Ecclesiastical also being accredited.
AIG expands Jon Hancock’s role
AIG has expanded former Lloyd’s and RSA leader Jon Hancock’s role, with additional responsibilities in global personal lines, as it reorganised into three segments.
Arch partners with charities to address educational inequality
Arch Insurance International has launched a charity partnership with Magic Breakfast and the National Literacy Trust to help tackle growing educational inequality in the UK.
IFB launches campaign to tackle paid-ad spoofing scams
The Insurance Fraud Bureau has launched a national campaign aimed at the multi-million pound problem of paid-ad spoofing claims scams, as it revealed that victims could be facing up to £13,000 in unsolicited fees.
Strong solvency means insurers have capacity for M&A, says Fitch
There is surplus capital available for UK insurers to take advantage of any mergers and acquisitions opportunities, according to Graham Coutts, senior director for EMEA Insurance at Fitch Ratings.
Allianz names Phuong Ly as UK commercial lead after Côté departure
Allianz Commercial has appointed Phuong Ly from Allianz Australia as managing director for the UK, starting in the post on 3 April succeeding Nadia Côté who left for RSA last year.
People Moves: 20 – 24 January 2025
Keep up to date with the latest insurance industry personnel moves.
Allianz UK names Cox as chief claims officer in team merger
Allianz UK has appointed Matt Cox to the newly created role of chief claims officer as it brings together the commercial and personal claims teams.