Insurer RSA plans 800 million pound cash call -report

LONDON Sun Feb 23, 2014 8:33am EST

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LONDON Feb 23 (Reuters) - British insurer RSA is to launch an 800 million pound ($1.33 billion) rights issue to help repair the company's balance sheet, the Sunday Times newspaper reported.

RSA, reeling from an accounting scandal at its Irish business and facing the cost of recent heavy floods in Britain, is also expected to unveil plans to sell off businesses in eastern Europe, the Middle East and Asia, bringing the total cash raised to more than 1 billion pounds, the report said.

The firm, led by former Royal Bank of Scotland boss Stephen Hester, has hired JPMorgan and Bank of America Merrill Lynch to handle the fundraising, according to the newspaper.

An RSA spokesman declined to comment on the report. The company will publish conclusions from a business review on Thursday with its full-year results, he said.

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