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Sector
Financials
Size
Large Cap
Market Cap £5.73bn
Enterprise Value £8.08bn
Revenue £12.00bn
Position in Universe 48th / 1837

British insurer RSA seeks buyers for Asian operations -sources

Tue 17th June, 2014 3:20am
HONG KONG, June 17 (Reuters) - RSA Insurance Group Ltd 
 RSA.L , Britain's largest non-life insurer, is looking to sell 
its Asian operations in an auction that could fetch up to $500 
million and draw a wide range of suitors, people familiar with 
the sale process told Reuters. 
    The sale is part of a group-wide restructuring led by new 
Chief Executive Stephen Hester, after losses caused by extreme 
weather and accounting irregularities at its Irish division hit 
its finances and prompted the departure of several senior 
executives.  
    Insurers considering bids include Sompo Japan Insurance, a 
unit of NKSJ Holdings Inc  8630.T  as well as France's AXA 
 AXAF.PA , the people said. Australia's QBE Insurance Group Ltd 
 QBE.AX  and German insurer Allianz SE  ALVG.DE  are also 
weighing their options, they added. 
    RSA, which is being advised by Goldman Sachs Group  GS.N ,   
is expected to kick off the sale process in the coming weeks, 
one of the people said. 
    RSA declined to comment, as did Allianz, QBE and Sompo 
Japan. AXA said it takes an extremely disciplined approach to 
examining acquisition opportunities but did not specifically 
reference RSA. 
    Goldman Sachs also declined to comment. 
    In Asia, RSA has businesses in Hong Kong, Singapore, China 
and India but those operations contributed less than 2 percent 
to net premiums in the first quarter of 2014. That has  
encouraged the company to focus on core markets, such as the  
United Kingdom, Ireland and Scandinavia. 
($1 = 0.5956 British Pounds) 
 
 (Reporting by Denny Thomas; Additional reporting by Taiga 
Uranaka in Tokyo, Byron Kaye in Sydney and Christopher Vellacott 
in London; Editing by Edwina Gibbs) 
 ((denny.thomas@thomsonreuters.com)(+852 2843 6358)(Reuters 
Messaging: denny.thomas.thomsonreuters.com@reuters.net)) 
 
Keywords: RSA INS GRP ASIA/SALE
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