ISH insurer RSA is to sell its Asian business as part of its group-wide restructuring, sources close to the potential deal have revealed.
RSA, which is headed by former RBS boss Stephen Hester, embarked on a plan to streamline the business following an announcement in February. The group was hit by heavy losses owing to extreme weather and accounting irregularities in its Irish arm, and has since refocused its business into core markets, which include the UK, Ireland, Canada, Scandinavia and Latin America.
The sale process, which could net the group $500m (£295m), is due to begin in the next couple of weeks and RSA is being advised by Goldman Sachs. The Asian business will be the latest sale and follows Poland, Latvia, Lithuania and Estonia, as well as Noraxis, the company’s Canadian brokerage.
RSA declined to comment on the news.