UK-based RSA announced that a subsidiary, Sun Alliance Insurance Overseas Limited, and Maduro & Curiel’s Bank N.V. “have reached a final agreement to sell Royal & Sun Alliance Insurance (Antilles) N.V. to Fatum General Insurance N.V.”
The business reported £15 million [$24 million] in gross premiums written in 2011. The financial terms of the transaction are not being disclosed.
RSA also noted that the “transaction is subject to certain conditions precedent, including regulatory approvals in Curacao, Sint Maarten, Aruba and the Islands of Bonaire, Sint Eustatius and Saba.”
Richard Houghton, RSA Group CFO commented: “While relatively small in terms of the Group’s capitalization, today’s announcement is further evidence of our determination to utilize our capital wisely and only focus on territories where we can achieve scale and deliver attractive returns to shareholders. In the majority of our markets we are already achieving our objectives but where we see no strategic fit or route to outperformance, we are committed to taking decisive action.”
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