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'

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.

JP Morgan Cazenove Overweight 122.80 121.50 130.00 132.00 Reiterates

132 within reach.

Citigroup Buy 127.70 127.70 124.00 146.00 Upgrades

Thanks for the info Skinny.

Good rise this morning, unusual for a brokers upgrade to boost the sp by 2.1%
Market wants to see this higher.

Yes - as you can see from the chart above - it tried yesterday but fell back - 132p very attainable short term I think.

Agreed there Skinny.
132 looked to have become the support before the divi shock drop, could now be a resistance point but break through that and new territory is in sight.

First Half Results August 1st.

Half-yearly report

RSA DELIVERS 24% EARNINGS GROWTH TO £190M, AND COMBINED RATIO OF 94.2%

Strong operational delivery as a result of management actions

Encouraging progress in UK Commercial and Italy
Strong underlying performances in Canada and Scandinavia despite adverse weather and large losses
Operating leverage continues in Emerging Markets
Net written premiums up 7% on constant exchange rate basis to £4.7bn
Underwriting result up 26% at £188m (H1 2012 restated1: £149m)
Post tax earnings up 24% to £190m (H1 2012 restated1: £153m)
Annualised ROE 10.0% (H1 2012 restated1: 8.0%)
Interim dividend of 2.28p per share (2012: 3.41p)
Balance Sheet remains strong on all measures

IGD surplus of £0.9bn; covering capital requirement 1.7 times
Economic capital surplus of £1.3bn on a 1 in 200 year calibration covering the capital requirement 1.6 times
S&P A+ (negative outlook) rating reaffirmed in June
Net asset value per share excluding pension deficit of 103p (H1 2012: 104p)
On track to meet guidance in 2013

Continued growth in premiums as business expands in Emerging Markets, Canada and Global Specialty Lines
Better than 95% combined ratio expected despite material adverse weather in Canada
Investment income of around £470m for full year 2013
Return on equity of between 10% and 12% expected in 2013
Confident in prospects for further improvements to ROE and COR in medium term