Finnish insurer Sampo and South Africa’s Rand Merchant Investment are in talks to buy British motor insurer Hastings, the two insurers stated on Wednesday, July 29, sending Hastings’ shares up 15%.
Sampo wants to expand into non-life insurance and beyond Nordic markets, it said in a statement, explaining its interest in Hastings.
RMI Group has owned 30% of Hastings since 2017, Sampo stated. The two firms are considering a cash offer for Hastings, which has a market capitalization of 1.7 billion.
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