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BUZZ-RSA: Hits fresh 20-month high on Zurich bid chat

Reuters - UK Focus

** British insurer RSA adds to recent gains, rising 0.7 pct to highest since Nov 2013 as investors speculate on size of cash bid for the company by Zurich Insurance (Xetra: ZFI1.DE - news)

** Zurich has said it is weighing bid but has not yet made formal offer, initial speculation of 550-pence a share seen as fair by analysts

** Sources familiar with RSA's thinking say this does not reflect longer-term profit expectations as the company is still in early stages of turnaround under ex-RBS (LSE: RBS.L - news) boss Stephen Hester

** Shares (Berlin: DI6.BE - news) have risen 20 pct since Zurich said it was weighing a deal, but remain below 550 pence, reflecting some caution a deal will happen

** RSA and Zurich both report H1 earnings on Aug 6

(RM (LSE: RM.L - news) : carolyn.cohn.thomsonreuters.com@reuters.net)