RSA COMPLETES DEAL TO SELL ITALIAN BUSINESS TO ITAS MUTUA

RSA has completed the sale of its Italian operations to ITAS Mutua. The deal, part of RSA’s planned disposal programme, was first announced in October 2014. The transaction has seen RSA pass on insurance liabilities of £434m and receive a further goodwill payment of £19m. When the deal was announced, RSA said it expected to recognise a gain of £28m on the sale, with an addition of £8m to the group’s tangible net assets. The business, which comprises personal and commercial lines, wrote £221m of net premiums in 2013, recording a £1m underwriting loss. The transaction is one of a number of disposals as RSA continues to refocus its business. Last October, the insurer announced the sale of its operations in Latin America to Suramericana, the insurance subsidiary of Grupo de Inversiones Suramericana, for £403m ($619.7m).