Royal & Sun Alliance wins regulatory backing for US disposal |
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Published
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Mon, 22 Jan 2007 15:09
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LONDON (AFX) - Royal & Sun Alliance Insurance Group, the UK general insurer, said it has moved a step closer to winning regulatory approval for the proposed sale of its troubled US unit.An RSA spokesman said officials recommended that the deal go ahead at a public hearing on Friday in the state of Delaware, where the company's US unit is based for legal purposes. The state's insurance regulator is expected to reach a final decision within 30 days.RSA has agreed to sell the US operation, which closed its doors to new customers in 2003 after being hit by spiralling asbestos-related claims, to the unit's own management for 158 mln stg. But the company will incur a net pretax loss of 443 mln stg from the deal once asset write-offs and one-off capital contributions are taken into account.newsdesk@afxnews.commn/jfrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Royal & Sun Alliance sells US Viking Insurance for $200 million 