August 21, 2014 / 11:12 PM / in 3 years

RSA to sell insurance business in Singapore, Hong Kong

Aug 21 (Reuters) - 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

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