- General insurer RSA Insurance said it had agreed to be acquired by Intact Financial and Tryg for £7.2 billion.

RSA shareholders would receive 685p in cash for each of their shares, representing a 51% premium to their closing price on 4 November when a possible bid was first announced.

The deal would see Intact retain RSA's Canadian, UK and international operations, while Tryg would retain RSA's Swedish and Norwegian businesses.

Intact and Tryg would co-own RSA's Danish Business on a 50/50 economic basis.

Of the acquisition price, around £4.2 billion would contributed by Tryg and around £3.0 billion by Intact.

RSA chairman Martin Scicluna said the deal delivered attractive and certain value for shareholders.

'The offer reflects the strength and performance of RSA during a challenging period for our industry, representing a significant premium in cash,' Scicluna said.

'We believe that our staff, our businesses and our customers can prosper under the stewardship of Intact and Tryg, two great businesses with long histories and strong reputations.'

Story provided by