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Aviva rejects £5bn RSA approach for general insurance arm

Aviva has rejected a bid from insurance group RSA to acquire its general insurance operation, according to Sky News.

The report says that RSA proposed to purchase Aviva’s general insurance operation in the UK, Canada and Ireland. A letter was sent by RSA chairman John Napier to Aviva chairman Lord Sharman in the last few weeks.

The Aviva board is believed to have rejected the bid as it sees its ‘composite insurance’ model, which means offering both life and insurance products, as the correct strategy for the firm. The report says that Aviva’s shareholders were not consulted on the rejection of the offer. It is thought that no current discussions are ongoing between Aviva and RSA.

At 9.01am, Aviva share price had risen by 4.27 per cent to 383 pence per share.

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