Aug 21 London-based RSA Insurance Group plc
said it reached an agreement to sell its insurance
business in Singapore and Hong Kong to Allied World Assurance Co
Ltd for 130 million pounds ($215.51 million) in cash.
The deal is expected to result in a gain of about 110
million pounds and will add about 95 million pounds to the
company's tangible net assets, RSA Insurance said on Thursday.
The transaction to sell RSA Singapore and RSA Hong Kong is
subject to regulatory approvals and is expected to complete
during the first half of 2015.
RSA Singapore and RSA Hong Kong underwrite a mix of
commercial speciality and retail business.
Allied World Assurance Co Holdings Ltd, through its
subsidiaries, provides property, casualty and speciality
insurance and reinsurance services.
($1 = 0.6032 British Pounds)
(Reporting by Karen Rebelo in Bangalore and Nishant Kumar in
London. Editing by Andre Grenon)