Royal & Sun Alliance Insurance Group Plc. shares recently fell 0.6% – following a 70% decrease over the past five years – to close at 83 pence in London, valuing the insurer at 2.4 billion pounds (US$4.4 billion). These results follow U.K.-based investment company Corvus Capital Inc.’s recent decision to opt out of its plans to bid for Royal & Sun Alliance Insurance Group Plc.Corvus states Royal & Sun’s managers are not cooperating with plans, which were integral to the deal as a result of “complexities” associated to the insurer. Royal & Sun is implementing strong plans to halt losses, resulting from asbestos claims, U.S. workers’ compensation payments and falling stock markets.
Former Definity adjuster disciplined for $102K embezzlement scheme
Quebec’s P&C insurance regulator has found a former insurance adjuster guilty of an embezzlement scheme, in which he faked client claims and siphoned more than $100,000 in claims payments from Definity into his own bank accounts. The Chambre de l’assurance de dommages (ChAD) says the former Definity adjuster, Tresor Luyeye, committed 13 Code of Conduct […]
By David Gambrill | September 20, 2024
3 min read
