In September, RSA Insurance Group Plc Chief Executive Officer Simon Lee expanded the role of his top Irish lieutenant, Philip Smith, and praised his “outstanding record.” Two months later, he suspended him.
Prudential Plc , the British insurer buying American International Group Inc.’s main Asian unit, may seek to increase its capital reserves by 1 billion pounds ($1.5 billion) to win approval from U.K. regulators for the purchase, said a person with knowledge of the matter.
Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, raised 787 million pounds ($1.3 billion) in an initial public offering of its insurance unit forced by European Union regulators.
Aviva Plc, the U.K.’s second-biggest insurer by market value, swung to a first-half loss after writing down its U.S. arm by 876 million pounds ($1.4 billion) and said restructuring costs will increase.
Royal Bank of Scotland Group Plc, the U.K.’s largest state-owned lender, will push ahead with the initial public offering of its insurance unit even after Talanx AG, Germany’s third-biggest insurer, pulled its IPO this week.