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RSA to sell Hong Kong, Singapore businesses for $216 million

RSA Insurance Group agreed to sell the insurance businesses of its branches in Singapore and Hong Kong to Allied World Assurance for about $216 million in cash as it retreats from markets.

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(Bloomberg) — RSA Insurance Group Plc agreed to sell the insurance businesses of its branches in Singapore and Hong Kong to Allied World Assurance Co. for about 130 million pounds ($216 million) in cash as it retreats from markets.

The sale of RSA Singapore and RSA Hong Kong will result to a gain on sale of about 110 million pounds and an addition to the group’s tangible net assets of 95 million pounds, boosting capital, the London-based insurer said in a statement today. The transactions will be completed early 2015.

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