RSA set to raise its 1% Mexico market share through bank

RSA has broken into Mexico through a 10-year bancassurance deal with Mexican banking group Ixe Grupo Financiero, Dow Jones reports

"With this [agreement] Ixe strengthens its operations in the area of bancassurance," the bank said in a filing with the Mexican Stock Exchange.

Ixe has 158 bank branches and provides banking services mainly to wealthy individuals and small businesses. Its shareholders include local investors and JP Morgan Chase with a 28% stake.

Royal & SunAlliance Seguors Mexico had less than a 1% market share with MXN1.52bn in premiums last year.