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'

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 -

Share price starting to look a bit perkier.

Just in profit with this share.

RSA donates $100,000 to help Alberta flood victims

Company will also match employee donations to relief agencies

TORONTO, June 26, 2013 /CNW/ - RSA Canada, the country's third largest P&C insurer, is donating $100,000 to the Canadian Red Cross to assist with disaster relief efforts following the significant flooding in Southern Alberta.

The donation will help fund the critical role of the Canadian Red Cross in responding to the needs of the thousands of people impacted by the flooding. In addition, RSA is matching the donations of employees across the country, wanting to help in the wake of the disaster.

"We understand the devastation caused by severe weather events and our hearts go out to those affected," says RSA President & CEO Rowan Saunders. "We have employees, customers, brokers and friends in Alberta who have been impacted by the flooding and our focus is on providing our affected customers with the help and support they need as quickly as possible. We know that clean-up and rebuild will be a long process but people need help now and we hope this donation will help to provide some immediate relief."

Am I wrong but this lot seems to be one of the few shares that has a half decent chart over the last couple of months?

Yep - nice gap around 123p.

Thought so, must have a closer look at Insurances.

Rewarding. Check yields.

Will do, thanks Fred.

next interim divi due to be reduced according to last years results.

Which is what precipitated the fall on 20th Feb and created the gap.

Hopefully all in the price this time around. The market should be looking forward.