RSA sells HK and Singapore operations for £130m

RSA chief executive Stephen Hester is continuing with his strategy to shrink the insurer’s overseas footprint after agreeing the £130 million sale of its operations in Hong Kong and Singapore.

The disposal, to Allied World Assurance, follows the recent sale of RSA businesses in the Baltics, Canada, China and Poland as RSA seeks to recover from an accounting scandal in Ireland.

Hester, the former boss of Royal Bank of Scotland, said the latest deal is expected to complete early next year and “represents continued progress against our aim of tightening the strategic focus of the group”.

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He added: “Further disposals are targeted over the next 12 to 18 months to complete this process.”