South Africa’s Rand Merchant and Finnish insurer Sampo offered nearly 50% premium
There has been rising interest in the UK general insurance market from overseas insurers. Last year Allianz completed two acquisitions which made it the number two in the market, while Axa and Zurich also have a big presence in the UK. Sampo said on Wednesday that it had been “considering a geographic expansion beyond its current footprint”. It added: “Sampo believes that the UK, as the second largest retail P&C market in Europe, offers an attractive scale opportunity.”
Oliver Ralph in Financial Times Aug 5th 2020
UK insurer Hastings is set to go private after receiving a £1.7bn cash bid. A consortium of South Africa’s Rand Merchant International, which is Hastings’ largest shareholder, and Finnish insurer Sampo have offered 250p a share for the company.