30th Sep 2009 11:30
30 September 2009
RSA announces sale of British Engine
RSA Insurance Group plc (RSA) announces the sale of British Engine Insurance Limited to Knapton Holdings Limited, a wholly-owned subsidiary of Enstar Group Limited, for £28m to be paid in cash.
British Engine is an inwards reinsurance business and has been in run-off since 2001. This transaction removes £107m of net insurance liabilities from the Group's balance sheet and subject to regulatory approval is expected to complete by 31 December 2009.
For further information:
| Analysts | Press | ||
| Claire Cordell | Jon Sellors | ||
| Tel: +44 (0) 20 7111 7212 | Tel: +44 (0) 20 7111 7047 | ||
| Suzannah Oliver | Simon Kutner | ||
| Tel: +44 (0) 20 7111 7140 | Tel: +44 (0) 20 7111 7327 |
Notes to editors:
1. British Engine is an inwards reinsurance business covering Engineering, Casualty, Financial Products, Property and Marine Aviation and has been in run-off since 2001. As at 30 June 2009 the gross insurance liabilities were £146m and net insurance liabilities were £107m.
2. Enstar Group Limited is a Bermuda based insurance run-off holding company.
About RSA
With an almost 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. It has the capability to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Ireland, Central and Eastern Europe, Asia and the Middle East and Latin America. Focusing on general insurance, it has around 21,000 employees and, in 2008, its net written premiums were £6.5bn.
Important Disclaimer
This press release may contain "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the Company'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 and other regulations in the jurisdictions in which the Company and its affiliates operate. As a result, the Company's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Company's forward-looking statements. The Company 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 2009
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