Royal & Sun sees credit conditions tight for a year

ABU DHABI, Nov 3 (Reuters) - British insurer Royal & SunAlliance (RSA.L) said on Monday it was in a good position to cope with the financial crisis but credit conditions were likely to remain tight for at least a year.

"We do not anticipate any change in credit availability over the next year or so," RSA Chairman John Napier said while taking part in a high-level British trade delegation to the Gulf States with Prime Minister Gordon Brown.

The Bank of England has flagged up potential risks to the insurance sector from possible exposure to risky investments and banks and businesses suffering in the credit crunch.

"We have played both a conservative and business-like game, therefore if there is a term come out recently about being a good bank or a bad bank, we see ourselves as a good insurance company," Napier said.

"We have no exposure to any of these investments. We exited from America over two years ago so we are in good shape."

(Reporting by Matt Falloon; Editing by Hans Peters)