BRIEF-RSA to sell insurance business in Singapore, HK to Allied World

Thu Aug 21, 2014 7:01pm EDT

Aug 21 (Reuters) - Rsa Insurance Group Plc

* Rsa announces £130m sale of operations in singapore and hong kong

* Rsa will receive aggregate consideration of approximately £130m payable in cash

* Transaction to sell the insurance business of each of its branches in singapore (rsa singapore) and hong kong (rsa hong kong) to allied world assurance company, ltd (allied world).

* Transactions are expected to result in a gain on sale of approximately £110m and an addition to the group's tangible net assets of about £95m

* Each transaction is expected to complete during the first half of 2015 Further company coverage:

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