Royal & SunAlliance (R&SA) has sold its Puerto Rican operations to Cooperativa de Seguros Multiples de Puerto Rico for £38m.

According to reports the sale will be around £38m to be paid in cash on completion.

As at 31 December 2002 R&SA's Puerto Rico operation was worth approximately £28m.

Kelvin Edwards, managing director, Latin America & Caribbean Region said: "This represents another significant step in Royal & Sun Alliance's strategic withdrawal from the hurricane-exposed territories of the Caribbean.

"It follows the disposal of our operations in the Bahamas and Bermuda at the end of 2002 thus significantly reducing potential volatility in results. It will also contribute further to the Group's capital release programme."

Topics