RSA Insurance : to Sell RSA China to Swiss Re Corporate for GBP71 Million

by swisscham in Bank, Finance, Insurance

RSA Insurance Group PLC (RSA Insurance Group plc) Thursday said it has reached an agreement to sell Sun Alliance Insurance China Ltd (RSA China) to Swiss Re Corporate Solutions for GBP71 million ($121.8 million) in cash. The insurer said the transaction is expected to result in a gain on sale and an addition to the Group’s tangible net assets of GBP26 million. “This transaction builds on the momentum of our recently announced disposals in the Baltics, Poland and Canada, and represents continued progress against our aim of tightening the strategic focus of the Group,” Chief Executive Stephen Hester said. “We are continuing to evaluate further non-core disposals, some of which we expect to agree during 2014,” he added. RSA China underwrites both commercial and personal insurance risks and accounted for GBP14 million of net written premiums in RSA Group’s 2013 financial statements.

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