Royal & SunAlliance Canada deny call for bids

Rumors surrounding Royal & SunAlliance plan to call for bids on the Company are completely false, according to Royal & SunAlliance Canada’s president and CEO Rowan Saunders. In response to recent media exposure of the Company’s consistently “plummeting shares” and alleged call for bids to “halt these losses,” Saunders says recent restructuring of the Company has in fact lead to a strengthened capital position and strong operating performance. “Restructuring is now complete and we are committed to our core markets, including Canada,” Saunders says in a statement, exclusive to CU. “The Group (Royal & SunAlliance Insurance Group Plc.) delivered a strong first quarter result, with a combined operating ratio of 91.2% and an operating result which is a 95% improvement over prior year.” Saunders points out that in 2004, “Royal & SunAlliance Canada achieved its best results.” He claims that 2005 will see a continued focus on the maintenance of the Company’s underwriting margins and a concurrent growth in earnings. “Growth will come from two principal sources:,” Saunders says, “organically and through strategic acquisitions that expand our market share and improve our segment positioning.”