RSA Sells Singapore, HK Operations to Allied World | Canadian Insurance

RSA Sells Singapore, HK Operations to Allied World

CEO says more disposals slated for next year and a half

RSA Group has announced that it will sell its Singapore and Hong Kong operations to Allied World for a cool £130 million, or about $235 million.

CEO Stephen Hester says, “This transaction builds further on the momentum of our recently announced disposals,” including its sale of Noraxis to Arthur J. Gallagher, and other transactions in Poland, the Baltics and China.

Hester adds that “further disposals” are planned for the 12-18 months.

RSA Singapore and RSA Hong Kong underwrite a balanced mix of commercial specialty and retail (both commercial and personal) business. Net written premiums in 2013 were about $119 million for Singapore and about $85 million for Hong Kong.

Senior management are expected to remain with the respective businesses when the transaction is completed.

Follow us on Twitter at @CITopBroker for the latest mergers and acquisitions news