On the Royal road to success
Despite recent bad press, Royal & SunAlliance is hitting its targets for reshaping the business, says Peter Webster, UK director of commercial. Diane Smyth reports on its long-term strategy for success
Royal & SunAlliance has been in the news for all the wrong reasons recently. The beleaguered insurer was forced to announce a deeply discounted rights issue in September, offering current shareholders the right to buy shares at 70p - 54.5% of market price - in a bid to raise £960m. RSA says it needs the money to boost its reserves by £800m after a review by Tillinghast revealed a £744m gap.
The rights issue has already cost RSA £34m, the amount paid to ensure the issue would be fully underwritten
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