Royal & SunAlliance (R&SA) has sold six million shares in Chubb Corporation, cutting its stake from 5.1% to 1.7%.

The Chubb shares were valued at £348m.

R&SA said it would use the cash to buy non-equity investments. The disposal was part of R&SA's policy to hold a lower proportion of shareholder's funds in equities and a higher proportion in less volatile assets.