Royal & Sun Alliance is reportedly very near to making a deal to sell its U.K. life insurance business, which is valued at around £600 million ($1.03 billion).
According to an article in the Sunday Times, as distributed by Reuters, today is the deadline set by Goldman Sachs and Lehman Brothers, the investment banks handling the sale, for bids to be submitted.
The move fits in with R&SA’s announced strategy of concentrating on its P/C business, and continues its radical restructuring. It has disposed of most of its U.S. business, and recently raised £960 million ($1.65 billion) in new capital through a rights issue, which greatly improved its balance sheet.
The company refused to comment on the report.
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