Aviva rejects £5bn RSA bid for general insurance arm

13.08.10

Britain's biggest insurer Aviva has rejected an opportunistic bid by rival RSA to buy out its general insurance business, which could have been worth as much as £5bn.

The audacious approach came in a letter from RSA's chairman, John Napier, to Lord Sharman, his opposite number at Aviva, last month.

Neither company would comment today but RSA, which has grown aggressively by acquisition over the past half decade, is understood to have been very serious about the move. While Aviva believes the incident is now over, it was unclear tonight whether RSA might return with a revised offer.

News of the potential deal saw Aviva shares become the best performers in the FTSE 100 index, jumping 20.1p to 387.4p, adding more than £500m to the value of the company which stood at £10.9bn today. RSA, meanwhile, closed down 1.1p at 127.4p, valuing the business at £4.4bn.

RSA had intended to tap its shareholders for the £5bn it needed to buy the general insurance arm of Aviva. The rights issue would be underwritten by Deutsche Bank, which is advising Aviva along with Rothschild, and a host of other banks, according to City sources.

Source: The Guardian

Temporary Vehicle Insurance

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If you live in a state that does not allow temporary vehicle insurance, have a car that people only want to insure for an extremely short time and individuals have an established policy with an insurer for another vehicle, people can add the new car onto your current policy and then cancel the coverage when people don’t want it any more. If you do not have insurance with an insurance company, your options become more reduced. You will need to purchase a term policy, usually with a 6 month minimum then cancel it when people no longer need the coverage. This solution for temporary car insurance can be very expensive since most insurance companies charge a termination fee when a person who has not history with the company cancels early.

When vacationing by car to another country, such as Mexico, it is vital to know that American liability coverage will not cover accidents that you may be involved in in Mexico. People will want Mexican Liability Insurance. Most insurance in Mexico is issued as a standard policy and costs around $150 for six months of coverage. Individuals can get temporary auto insurance for motoring through Mexico on the internet or at road-side stations when you enter Mexico. It is also vital to know that if individuals rent a vehicle in Mexico people will still need to acquire Mexican Liability Insurance for that car. Your credit card will only acquire the rental and not the insurance you will need while people are there.

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