|Bid||533.80 x 0|
|Ask||534.20 x 0|
|Day's range||530.20 - 538.20|
|52-week range||490.40 - 644.40|
|Beta (3Y monthly)||0.69|
|PE ratio (TTM)||21.37|
|Earnings date||18 Feb 2019 - 22 Feb 2019|
|Forward dividend & yield||0.15 (4.89%)|
|1y target est||643.31|
(Bloomberg) -- RSA Insurance Group Plc is issuing sterling debt well ahead of an October 31 Brexit deadline, even though the U.K. insurer will likely fare better in a disorderly exit than many of its less-diversified peers.The company has reopened the sterling bond market with a 350 million-pound ($422 million) sale of five-year notes being marketed at about 135 basis points above U.K. gilts from an initial target of about 145 basis points, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. Investors have bid for more than 685 million pounds of the securities, in what is the sterling debt market’s first deal since July 30, according to data compiled by Bloomberg.The U.K.-listed company may be largely sheltered from any no-deal Brexit upheaval as a large share of group operating profit comes from overseas in regions like Scandinavia and Canada, it said in its most recent results statement. “RSA is well insulated from direct impacts of Brexit,” a company spokesman said in an emailed statement to Bloomberg News. “We don’t foresee any material operational impacts on our business.”Still, with sterling borrowing costs climbing as the prospect of a disorderly Brexit grows ever-likely, borrowers in need of pound funding may need to act sooner rather than later to get deals done. “Who knows what the state of the market will be if we close in on a no-deal exit,” said Gordon Shannon, a portfolio at TwentyFour Asset Management LLP, which oversees 15.3 billion-pounds in assets. “It’s a good time to get something done from their point of view.”Citigroup Inc and HSBC Holdings Plc are joint lead managers on RSA’s transaction, which is expected to be rated BBB+ by S&P Global.To contact the reporter on this story: Alice Gledhill in London at email@example.comTo contact the editor responsible for this story: Hannah Benjamin at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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British insurer RSA said it was reviewing its London commercial business and could exit if it stops making money after the group as a whole eked out a 1% rise in operating profit in the first half. "The remaining business that we have there...will stay under careful review," RSA Chief Executive Stephen Hester told a media call, adding it had been profitable in the first half.
British insurer RSA posted on Thursday a 1% increase in its operating profit in the first half of the year driven by strong performance in its general insurance business. The home, motor and commercial insurer said operating profit rose to 308 million pounds ($373.36 million), from 304 million pounds the year before and in line with a company-supplied analyst forecast of 306 million pounds.
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Britain will change the discount rate used to calculate compensation for personal injuries to minus 0.25% from minus 0.75%, disappointing insurers who were hoping for a higher rate to limit the money they must set aside to cover payouts. The decision by the ministry of justice follows a review in response to lobbying from motor insurers, whose profits were hit by the move to cut the so-called 'Ogden Rate' from 2.5% in 2017. UBS analysts said insurers had been expecting a rate of around 0.5% and had moved to setting their reserves based on a rate of 0%.
The cost of an annual comprehensive motor insurance policy in Britain rose 3.5% in the second quarter of 2019, lifted by a rise in the cost of claims, a survey on Monday showed. The average premium for a comprehensive policy is now 789 pounds ($988.85), according to the latest index from price comparison site Confused.com, compiled by insurance broker Willis Towers Watson. Companies such as Admiral, RSA, Direct Line , esure and Hastings provide cover in Britain’s highly competitive motor insurance sector.
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LONDON/NEW YORK, June 24 (Reuters) - Rivals to Lloyd's of London are riding a rising tide of marine insurance rates, leaving the 330-year-old market behind after it jettisoned sections of its oldest line of business last year. Premiums for marine insurance, which until 2018 had fallen for years due to rising competition and lower claims, are increasing after a surge in catastrophe losses in the past two years and growing geopolitical tensions.. For Lloyd's, still reeling from two years of losses due to the heavy claims from natural disasters, it will still take 12-24 months before the segment returns to profit, Chief Executive John Neal told Reuters in New York last week.
Britain's Saga warned on Wednesday that discounting was taking a heavy toll on its tours business, while an overhaul of its insurance arm has yet to take effect, sending shares in the company catering for the over-50s to a record low. Saga, which is looking to find a new chief executive after Lance Batchelor announced his departure last week, has been trying to shake off its image as only serving "old people" and had begun rebranding after a profit warning in April. Saga's shares, widely held by retail investors since it floated at 185 pence in 2014, have slumped 66% this year.
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The Bank of England said it was carefully monitoring falling capital levels at insurers that use their own computer models for calculating capital requirements. David Rule, executive director of insurance supervision at the Bank of England's Prudential Regulation Authority, also warned insurers that ending use of the tarnished Libor interest rate benchmark was a top priority.
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The midcaps gave up 1.3 percent, lagging the main index, whose losses were capped due to gains across so-called defensive stocks, which are deemed safer bets at times of economic troubles. U.S. President Donald Trump late on Wednesday accused China of breaking the deal they had reached in trade talks, while a rise in U.S. tariffs is set to be triggered on Friday. The U.S. is set to up the ante ... and that has prompted dealers to cut and run," CMC Markets analyst David Madden said.
British insurer RSA, which has been looking at ways to improve profitability in its commercial insurance business, has set up five new departments within one of its commercial divisions, it said on Wednesday. The groupings - rail, chemical, food and beverage, real estate and renewables - cover "the areas in which we feel confident we can grow, and continue to win business," Neil Strickland, RSA's customer experience director, global risk solutions, said in a statement. The global risk solutions division provides commercial insurance for large and multinational clients in Britain, Europe and the Middle East.
The Luxembourg insurance sector was buoyed by Brexit effect in the first quarter, the national insurance commission said on Monday, with international non-life premiums showing a fourfold increase from a year earlier. Premiums in the non-life sector, including domestic business, jumped by 218 percent year on year thanks largely to the licensing of firms establishing bases in Luxembourg after the United Kingdom's decision to leave the European Union, Luxembourg's CAA said. Total insurance premiums, including life assurance, were up 46 percent at 9.43 billion euros (8.06 billion pounds), CAA data showed.