Insurer sells Royal & Sun Alliance Insurance (Antilles) to Fatum General insurance
UK insurance group RSA is selling its Dutch Carribean unit to Fatum General Insurance for an undisclosed sum.
The unit, Royal & Sun Alliance Insurance (Antilles), wrote £15m of gross premium in 2011.
The transaction is subject to regulatory approval from Curacao, Sint Maarten, Aruba and the Islands of Bonaire, Sint Eustatius and Saba.
RSA chief financial officer Richard Houghton said: “While relatively small in terms of the group’s capitalisation, today’s announcement is further evidence of our determination to utilise our capital wisely and only focus on territories where we can achieve scale and deliver attractive returns to shareholders. In the majority of our markets we are already achieving our objectives but where we see no strategic fit or route to outperformance, we are committed to taking decisive action.”
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