BIG INSURANCE MERGER
New £4oom Group
To Be Formed (N.Z. Pres* Association—Copyright) LONDON, December 30. London and Lancashire Insurance, which has large interest* in Australia, is to merge with the Royal Insurance Company Limited to form a £4oom sterling group, according to the “Daily Telegraph” today. 1716 Royal would absorb the London and Lancashire by an exchange of shares, but the two companies would retain their separate identities, it said. The Royal owns the Liverpool and London and Globe InMirance Company Limited. Largest In U.K.
The new group would be the largest in Britain dealing with life as well as fire and accident insurance, said the newspaper. It would also handle one third of all Britain's insurance in the United States because of the London and Lancashire's control of several American companies. The Royal were offering two 5* shares fur every five of the London and Lancashire’s 17 500.000 5* ordinaries, said the “Daily Telegraph.” This would give London and Lancashire’s holders an immediate gain in capital value for their shares. They would probably open 8s higher at 56s 6d with Royal ordinaries around £7 2s 6d.
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https://paperspast.natlib.govt.nz/newspapers/CHP19610103.2.208
Bibliographic details
Press, Volume C, Issue 29402, 3 January 1961, Page 15
Word Count
187BIG INSURANCE MERGER Press, Volume C, Issue 29402, 3 January 1961, Page 15
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