By Adriano Marchese

RSA Insurance Group PLC said Thursday that it has received a proposal from Intact Financial Corp. and Tryg A/S to acquire the company which may lead to an offer being made.

The FTSE 100 insurer said the proposal is for 685 pence in cash per RSA share, as well as a payment by RSA of the interim dividend of 8 pence a share. This compares with the previous day's closing price of 459.7 pence.

The company said the proposal is made on the basis that Intact would retain RSA's Canada, U.K. and international operations, while Tryg would retain RSA's Sweden and Norway operations. The Denmark business would be co-owned by both parties.

RSA said it is engaged in discussions with the consortium regarding the possible offer.

"The board of RSA has indicated to the consortium that it would be minded to recommend the proposal, subject to satisfactory resolution of the other terms of the possible offer, including a period of due diligence," it said.

However, the company cautioned that there can be no certainty that an offer will be made.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

11-05-20 1218ET