Swiss Re Corporate Solutions has acquired the £14m premium insurer
RSA has agreed to sell its Chinese arm to Swiss Re Corporate Solutions in a £71m cash deal.
The insurer said it expects to make a gain on the sale of RSA China and an addition to the group’s net tangible assets of £26m.
RSA Group chief executive Stephen Hester said: “This transaction builds on the momentum of our recently announced disposals in the Baltics, Poland and Canada, and represents continued progress against our aim of tightening the strategic focus of the group. We are continuing to evaluate further non-core disposals, some of which we expect to agree during 2014.”
RSA China underwrites both commercial and personal insurance and accounted for £14m of net written premium in 2013.