Royal & SunAlliance in Australia is a "stronger brand than Aviva" and will have no problem attracting buyers for its disposal programme, according to chief executive Duncan Boyle.
Royal & SunAlliance is a "stronger brand than Aviva" and will have no problem attracting buyers for its disposal programme, according to chief executive Duncan Boyle.
He told Insurance Times that the insurer is "committed to the broker market" and can offer better service than its rivals.
"We have had a lot of interest for Australia and RSUI and they are extremely profitable businesses.
And you will have seen from the price IAG paid for Aviva at 2.1 times net asset, there is a premium to be made in the Australian market. It is far more robust than most other markets.
"It has excellent brands and is without a doubt stronger than Aviva," he added.
The group management has also said it is looking to launch an IPO for its Asian businesses.
Boyle said that senior managers in Australia were likely to be involved but would not be drawn on which investment banks were involved or in which country the listing would take place.
Asked if he was pleased to see the shareprice rise by 5% this morning on the strategic plans, he said that he had learnt "not to worry about the shareprice."
"It does its own thing," he added.
No timeline has been given as to who will replace group chief executive Bob Mendelsohn.
Analysts are worried that without a group chief executive, Royal & SunAlliance will find it hard to gain investor confidence.
Royal & SunAlliance's shareprice is presently trading at 124p from 118p when the markets opened this morning.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
