Royal & Sun Alliance (R&SA) is to start its disposal plans by floating its Australian and New Zealand insurance business in early May.
The sale is expected to raise up to £600m as it attempts to meet a capital shortfall. Analysts are understood to be hoping for the amount after rival Aviva raised £651m for its Australian subsidiary.
The Daily Telegraph reported today that there is expected to be strong support for the initial public offering in Australia.
It is understood that R&SA's decision was based on the stability of the Australian stock market and the strength of the local insurance market.
