RSA Reports Sale Of Operations In Russia

(RTTNews) - RSA Insurance Group Plc. (RSANY.PK, RSA.L, RSA) Wednesday said it has signed contracts to sell its entire shareholding, which is around 75 percent, of Joint Stock Company Intouch Insurance or RSA Russia to Joint Stock Insurance Company BLAGOSOSTOYANIE for about 5 million pounds payable in cash.

Paul Whittaker, Group Chief Operating Officer, said, "Our business in Russia does not have the same scale as our core franchises in the UK, Canada and Scandinavia. Therefore we have decided to sell Intouch to a company that is an experienced and committed player in the Russian market."

RSA Russia accounted for net written premiums of 27 million pounds and an underwriting loss of 5 million pounds within RSA's 2014 group results, before deduction of non-controlling interest. It is anticipated that completion will take place in early 2016.