Insurance

Aegon today confirmed the sale of its UK-based life and pensions business Guardian to European private equity group Cinven, for a total cash consideration of £275m.

The Association of British Insurers (ABI) today said it anticipates the cost of nationwide riots to insurers will reach £100m.

Insurance stocks worldwide took a big hit today in anticipation of lower future payouts following the huge earthquake and tsunami which hit Japan overnight.

Aegon UK CEO Otto Thoresen has been appointed as director general of the ABI and will take up his new role on April 4.

Omega Insurance, a Lloyds of London insurer in which Invesco Perpetual's Neil Woodford is the largest shareholder, has received a takeover approach from rival Canopus.

RSA's bid for part of Aviva's general insurance business could still happen but only if the offer is raised by around 10%, according to shareholder Ignis.

Prudential is eying the use of Lloyds-style contingent capital notes, known as CoCos, to help bolster its cash reserves and revive its £24bn takeover of Asian insurer AIA.

Prudential has delayed the issue of details of its $21 bn cash call, because it has failed to reach agreement with the FSA on its capital position.

Prudential's largest shareholder, the Capital Group, is eying a potential break-up of the insurer as a radical alternative to its $35.5bn AIA acquisition.

Royal London's Andrea Williams has begun reducing her fund's exposure to banks in favour of insurance companies.