Royal & Sun Alliance Group (R&SA) has sold its US operation to Arrowpoint Capital, a vehicle set up by its US management team, for £158m, representing a pretax loss on the sale of £443m.
Arrowpoint will pay for the transaction through the future revenues of the US business.
Andy Haste, group CEO said the decision was a "significant step for the group."
In September 2003 the group announced that its US operation was strategically non core. The US operation was closed to new business and a restructuring plan was instigated.
He added: "The sale of the US operation is the right deal for our shareholders and US policyholders. The transaction will bring certainty and finality and delivers on our objective of a clean exit from the US."
The company said it would also be delisting from the New York Stock Exchange (NYSE) and taking action to terminate its US Securities and Exchange Commission (SEC) registration.
In a statement, it said: "the strategic benefits to the group of having a US listing and registration no longer apply."
"Following the capital actions taken by the group since 2003, R&SA is no longer dependent upon a US listing for capital raising."
R&SA added that it will also terminate its American Depositary Receipt (ADR) programme. The group said the size of the programme was now at its lowest since April 2004.
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