RSA sells its operations in Asia

Royal & Sun Alliance (RSA), UK’s largest non life insurer, will sell all of its insurance operations in Asia. The group is present in China, Hong Kong, Singapore, and India. During the first quarter of 2014, total net premiums generated by these subsidiaries accounted only for 2% of the 1.9 billion GBP (3.13 billion USD) made ​​worldwide.

This transaction comes as part of a restructuring plan decided by its chairman Stephen Hester following the loss of 200 million GBP (329 million USD) caused by the bad weather in Northern Europe and the accounting irregularities discovered in the Irish subsidiary. Sompo Japan, Axa, QBE, Allianz are among interested companies. If the transaction materializes, it could yield 540 million GBP (890 million USD) to RSA.

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