RSA to sell Chinese arm to Swiss Re

Switzerland: Insurer RSA recently announced, it was selling off its Chinese arm as part of chief Stephen Hester’s overhaul of the company. RSA sold Sun Alliance Insurance, its main business in China, to Swiss Re Corporate Solutions for GBP71 million. The unit generated GBP14 million in net written premiums last year, the FTSE 100 firm said.

Hester said the deal “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.”

Swiss Re has affirmed that the acquisition will allow it to sell corporate insurance directly from mainland China for the first time.