Arab Today, arab today zurich insurance faces hit over tianjin disaster scraps rsa takeover bid
Last Updated : GMT 16:52:59
Arab Today, arab today
Arab Today, arab today

Zurich Insurance faces hit over Tianjin disaster, scraps RSA takeover bid

Arab Today, arab today

Arab Today, arab today Zurich Insurance faces hit over Tianjin disaster, scraps RSA takeover bid

Workers in decontamination suits clean up the site of the industrial disaster
Zurich - AFP

Switzerland's Zurich Insurance said Monday it faces losses of some 243 million euros ($275 million) following last month's industrial disaster in Tianjin, China.

The insurer said it forecast third-quarter losses of $200 million in its general insurance business and will conduct a review of the unit.

Separately, Zurich Insurance said it had scrapped a 7.7 billion euro bid to take over its British rival Royal & Sun Alliance.

"Discussions with RSA have now been terminated and... Zurich does not intend to make an offer," the company said in a brief statement.

Massive explosions at a hazardous goods storage firm in Tianjin, northeastern China, on August 12 killed 161 people.

 

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Arab Today, arab today zurich insurance faces hit over tianjin disaster scraps rsa takeover bid Arab Today, arab today zurich insurance faces hit over tianjin disaster scraps rsa takeover bid

 



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