The 2013 full year preliminary results for RSA Insurance Group plc was announced 27 February 2014.


"3 FOR 8 RIGHTS ISSUE AT 56 PENCE PER NEW ORDINARY SHARE
Further to the announcement on 27 February of its preliminary results for the year ended 31 December 2013, RSA Insurance Group plc ("RSA" or the “Company”) today announces the launch of a rights issue to raise £773 million in proceeds (£748 million net of expenses) (the “Rights Issue”). The Rights Issue is a fully underwritten 3 for 8 rights issue of 1,380,976,863 ordinary shares of 27.5 pence each in the capital of the Company at a price of 56 pence per New Ordinary Share.
The Issue Price of 56 pence per New Ordinary Share represents a discount of approximately 40% to the closing price of 93.4 pence on 24 March 2014 (being the last business day prior to the release of this announcement) and a 32.7% discount to the theoretical ex-rights price based on the closing price on 24 March 2014."

(thanks to skinny for this article)


Bottom chart 'fast stochastic'

Nomura Neutral 116.70p 115.00p 124.00p Upgrade

Exane BNP Paribas Outperform 116.65 117.00 152.00 152.00 Reiterates

HB Markets Hold 116.65 117.00 - - Reiterates

JP Morgan Cazenove Overweight 116.65 117.00 130.00 130.00 Reiterates

Deutsche Bank Hold 116.65 117.00 147.00 122.00 Downgrades

Numis Hold 116.65 117.00 115.00 115.00 Reiterates

Barclays Capital Underweight 116.65 117.00 116.00 115.00 Retains

Bank of America Merrill Lynch Neutral 116.65 117.00 125.00 123.00 Reiterates

Goldman Sachs Neutral 116.65 117.00 - - Retains

skinny, thanks for the upgrade.
I see that some are talking of 90p, if this does arrive I could well be tempted with more than just a few.

Thanks for the broker views skinny. They make everything so much clearer. :-))

RSA Insurance Group plc

Transactions in shares by Persons Discharging Managerial Responsibility (��SPDMR⬝)

Ordinary Shares of 27.5p each

25 February 2013

RSA Insurance Group plc (the ��SCompany⬝) received notification on 22 February 2013 of the following transactions in its ordinary shares of 27.5p each (��SOrdinary Shares⬝) by PDMRs of the Company.

On 22 February 2013, Ordinary Shares were purchased by the PDMRs listed below:

Name

Number of Shares Purchased Share Price
(per share)


Alastair Barbour1 20,891 £1.179
Edward Lea2 68,000 £1.188
Johanna Waterous3 8,400 £1.186
Martin Scicluna 42,012 £1.183
Richard Houghton4 100,000 £1.172

Bounced strongly from the 200ma.

Come on Skinny....you haven't posted today's reported director buys! ;-)

Are there any then ?

Sorry Skinny I looked at the last deals, thought they were for today...but not so they were the ones posted on the 25th.
Do you know I bought some more on the strength of them! LOL

:-)

opto is being a mystic, it seems!

P 574

That looks like a triangle.

Which way will it burst.

I wait in hope!

But think many of the Insurance companies and banks are posting reasonable results, but it seems punters are in for short term gains in the present economic figures.

Directors buying into the 'Voluntarily invested shares' scheme.
Shows they have some confidence for the future.

Adrian Brown 33,225
Richard Houghton 34,336
Vanessa Evans 22,695
Caroline Ramsay 15,790
Simon Lee 64,760
Derek Walsh 24,996
Paul Whittaker 42,460

buy one get one free scheme

halifax...not quite a BOGOF this arrangement:

Annually, PDMRs are given the opportunity to voluntarily invest a proportion of their annual cash bonus award into the LTIP. The Ordinary Shares acquired with this investment, Voluntarily Invested Deferred Shares (�Sdeferred shares⬝), are held in trust by Capita Trustees Limited (�SCapita⬝). These deferred shares are released on the third anniversary of the grant date. They can be removed from the trust before this date, but the individual will then forfeit any associated performance-related matching award. Deferred shares are not subject to performance conditions.

The deferred shares noted in the table above were purchased by Capita on behalf of the participants on 21 March 2013 at a price of £1.169372 per Ordinary Share.

Interim Management Statement

Encouraging start to 2013 with reported premium growth of 7% in three months to March 2013

Net asset value1 up 5% in the quarter to 112p per share

Continued confidence in delivering a combined operating ratio of better than 95% and return on equity of 10-12% for 2013

Trading in the first quarter of 2013 has been good.
Net written premiums up 5%2 to £2.3bn:

Scandinavia flat2 at £694m;

Canada up 18%2 to £359m;
Emerging Markets up 16%2 to £325m;

UK & Western Europe up 1%2 at £952m.

IGD surplus is strong at £1.3bn; coverage remains at 1.9 times. Economic capital surplus of £1.2bn at 99.5% calibration.

Net asset value (excluding IAS 19 pension deficit) up 5% to 112p per share (31 December 2012: 107p).

Morgan Stanley Overweight 116.55 124.00 127.00 Upgrades

Morgan Stanley Overweight 115.40 127.00 127.00 Reiterates

Exane BNP Paribas Outperform 115.40 155.00 155.00 Reiterates

Credit Suisse Outperform 117.80 117.80 125.00 138.00 Upgrades

RSA completes negotiations with Motability on contract structure going forward

Leading global insurer, RSA, today announced that it has renewed its contract to provide motor insurance to Motability Operations. The new contract extends a long term relationship and provides a strong, sustainable partnership for RSA and Motability Operations.

This will take effect from 1st October 2013 for an initial 5 years. The deal will be on a quota share arrangement with RSA retaining 20% of the premium exposure, ceding the balance to a Motability Operations owned captive. Insurance cover will continue to be provided for multi-year policies, however under the new contract all policies will be re-priced every 6 months. Policies written under the current contract will remain in force for the duration of their three year contract.

Jon Hancock, Commercial Managing Director at RSA, said … “We are proud to work in a partnership with Motability Operations and share their goal of providing trouble free motoring to all customers. Motability Operations is our largest commercial motor insurance partner and the largest fleet operator in the UK and we look forward to continuing to deliver a first class service together”.

- ENDS -