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RSA shares soar on hopes of no further writedowns at Irish unit

January 7, 2014 - 6:00am


RSA Insurance Group P.L.C. shares posted strong gains in London trading after the Sunday Telegraph reported the insurer's Irish unit probably would not require further writedowns, citing a probe led by accountancy firm PricewaterhouseCoopers L.L.P.

The insurer's shares jumped the most in almost five years, Bloomberg reported.

James Shuck, analyst at UBS A.G., said "the issues faced by the company can be addressed without the need for a full rights issue or franchise damaging disposals."

Mr. Shuck said "a takeover remains a possibility."

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