RSA COMPLETES SALE OF RUSSIAN OPERATIONS

RSA has completed the disposal of its Russian operations to local insurer Blagosostoyanie, in a deal worth approximately £5m. RSA Russia accounted for net written premiums of £27m during 2014, generating an underwriting loss of £5m for the year. The deal was first announced on December 9 last year. At the time, Paul Whittaker, RSA’s group chief operating officer, said the sale was due to the Russian business not having the same scale as its core franchises in the UK, Canada and Scandinavia. The sale is one of a number of disposals taking place as RSA refocuses its operations. Notably, the insurer revealed in September it had agreed to sell its Latin American operations to Grupo Sura in a deal which will raise approximately £403m. RSA is one of the top 10 international insurers operating in Latin America, with an established presence in Chile, Argentina, Brazil, Mexico, Colombia and Uruguay. RSA has stated it is aiming to substantially complete its strategic refocus by the time it announces its 2015 full year results.