(Bloomberg) -- Zurich Insurance Group AG, Switzerland’s largest insurer, proposed to buy the U.K.’s RSA Insurance Group Plc for about 5.6 billion pounds ($8.8 billion).

RSA is willing to recommend the possible offer of 550 pence a share to its shareholders provided satisfactory terms are met, including due diligence, it said in a statement from London on Tuesday. U.K. regulators have given Zurich until Sept. 22 to make a firm offer.

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