RSA Group falls 20% after Zurich U-turn

Zurich no longer plans bid for firm

RSA Insurance Group has fallen more than 20% this morning after Zurich withdrew its bid for the company.

In a stock market announcement this morning, Zurich Insurance Group said the decision to terminate discussions was based on its own poor trading performance. Zurich drops £5.6bn RSA Group bid The company said a series of explosions at a container storage station in China in August meant it is now estimating pre-tax losses of $275m.  "In light of the above recent deterioration in the trading performance in the group's general insurance business, Zurich announced this morning that it has terminated its discussions in connection with a possible offer for RSA," the statement said. "T...