Zurich Financial quits RBS insurance bid

LONDON (ShareCast) - Zurich Financial Services (Virt-X: ZURNE.VX) said late Thursday that it has decided to pull out of the race for Royal Bank of Scotland (LSE: 91ID.L) 's insurance arm.

"Zurich Financial Services confirmed today that it has been considering making a bid for the insurance business of Royal Bank of Scotland and has carried out a detailed review of the opportunities," said the group in a short statement.

"Following such review, the group has decided to withdraw from any further discussions," it added.

The one time favourite for the division, which includes the Churchill and Direct Line brands, joins Italy's Assicurazioni Generali (Milan: G.MI) in dropping out of the bidding.

Source:http://uk.biz.yahoo.com/080710/214/i30mm.html