UK’s RSA Insurance Group has completed the divestment of 26% interest in India-based insurer Royal Sundaram Alliance Insurance, for around £46m ($70.7m). RSA’s joint venture partner Sundaram Finance, which currently owns 74% stake, has purchased theinterest in insurer.
RSA said that it expects to recognise a profit of around £17m on disposal of the interest in the Indian insurer.
At the time of acquisition, RSA Group chief executive said: “This transaction continues the excellent momentum of our disposal programme and represents further progress in tightening the strategic focus of the Group.”
Royal Sundaram provides general insurance products such as motor, health, personal accident, home and travel Insurance for individual customers.
The firm also offers a broad range of specialised insurance products, including fire, marine, engineering, liability and business interruption risks, for commercial clients.
RSA provides personal and commercial lines insurance products. It carries out operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe.
Source: IBR News