Switzerland-based Zurich Insurance Group has withdrawn its plans to acquire British insurer RSA Insurance Group.
Zurich announced that it has terminated discussions and does not intend to make an offer to acquire the entire issued and to be issued ordinary share capital of RSA.
In August this year, Zurich offered around £5.6bn to acquire British insurer, under which it proposed to purchase the entire issued ordinary share capital of RSA for 550p per share in cash.
RSA noted that Zurich has terminated discussions with the firm regarding a possible offer, as a result of recent deterioration in the trading performance of its general insurance business.
RSA provides personal and commercial insurance to around 20 million customers around the world. It offers a broad range of personal lines products such as motor, home, travel and pet.
The business offers products for marine, construction, power and renewable energy, motor packages, liability; real estate, risk managed, professional financial, and property.
Zurich offers a wide range of general insurance and life insurance products and services for individuals, small businesses, and mid-sized and large companies, including multinational corporations, in around 170 countries.
Image: Zurich Insurance has terminated discussions to acquire RSA Insurance Group. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.