1st Apr 2015 07:30
RSA announces completion of sale of its operations in Hong Kong and Singapore
Further to the announcement of 21 August 2014, RSA Insurance Group plc (RSA) today announces the completion of the sale of the insurance business of each of its branches in Singapore (RSA Singapore) and Hong Kong (RSA Hong Kong) to Allied World Assurance Company, Ltd (Allied World). This follows the receipt of all necessary regulatory and court approvals.
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Enquiries:
| Analysts | Press | ||
| Rupert Taylor Rea | Louise Shield | ||
| Tel: +44 (0) 20 7111 7140 | Tel: +44 (0) 20 7111 7047 | ||
| Ryan Jones | Kaidee Sibborn | ||
| Tel: +44 (0) 20 7111 7243 | Tel: +44 (0) 20 7111 7137 |
Notes to editors:
Financial Advisors
Goldman Sachs acted as Sole Financial Advisor to RSA Group
About RSA
With a 300 year heritage, RSA is a multinational quoted insurance group. RSA has core operations in the UK, Scandinavia, Canada, Ireland, and Latin America, and has the capability to write business in around 140 countries. Focusing on general insurance, RSA has around 19,000 employees and, in 2014, its net written premiums were £7.5 billion.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers superior client service through a global network of offices and branches. All of Allied World's rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor's, and A2 by Moody's, and its Lloyd's Syndicate 2232 is rated A+ by Standard & Poor's and Fitch.
Important Disclaimer
This press release may contain ‘forward-looking statements’ with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition, performance results, strategic initiatives and objectives. Generally, words such as “may”, “could”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “aim”, “outlook”, “believe”, “plan”, “seek”, “continue” or similar expressions identify forward-looking statements. These forward-looking statements are not guarantees of future performance. By their nature, all forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group’s control, including amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation or regulations in the jurisdictions in which the Group and its affiliates operate. As a result, the Group’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Group’s forward-looking statements. Forward-looking statements in this press release are current only as of the date on which such statements are made. The Group undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this press release shall be construed as a profit forecast.
Copyright Business Wire 2015
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