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Sampo and RMI offer to buy British insurer Hastings for…

HELSINKI, Aug 5 – Finnish insurer Sampo and South Africa’s Rand Merchant Investment (RMI) have made a recommended cash offer worth 1.84 billion euros ($2.17 billion) to buy British auto insurer Hastings, Sampo said on Wednesday.

“The offer price is GBP 250 for each Hastings share,” Sampo said in a statement.

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 said. ($1 = 0.8468 euros) (Reporting by Anne Kauranen, editing by Louise Heavens)

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