Corvus opts not to bid on RSA

LONDON—U.K. investment group Corvus Capital Inc. has said it is no longer considering a bid for London-based insurer Royal & SunAlliance Insurance Group P.L.C.

Earlier this week, Corvus had said it was considering a number of potential acquisition targets, of which RSA was one.

But in a statement Friday, Corvus said it "remains mindful of the complexities inherent in a company operating within the insurance sector such as RSA and, with this in mind, would only have intended to proceed with an offer for RSA with the cooperation of its existing management."

A spokesman for RSA said the company had nothing to add to a statement made earlier this week in which it said it had received no approach from Corvus and was not in talks with anyone about a possible takeover.