RSA prepares to make more overseas sales
British insurer RSA is believed to be preparing to sell its Russian and Middle East operations in the next few months.
The company has been disposing of its non-core business over the past two years, since chief executive Stephen Hester was brought on board to turn the group around.
Earlier this month, the insurer sold its Latin American business for £403m to Suramericana.
The Russian and Middle Eastern businesses, as well as UK legacy business, remain up for grabs.
A source told the Sunday Times that RSA is aiming to offload the businesses within months, and hopes to make up to £90m.
News of the sale follows the collapse of Zurich’s £5.6bn takeover attempt last week. Shares in RSA plummeted by over 20 per cent when Zurich announced that it was walking away from the deal, due in part to losses incurred as a result of the recent explosions in Tianjin
A spokesperson for RSA said yesterday: “We made clear at half year results we have a couple of disposals remaining including the Middle East.”