RSA Insurance Group (RSA) has reached an agreement to divest its operations in Latin America to Suramericana, an insurance subsidiary of Grupo de Inversiones Suramericana, in a cash deal valued at £403m.
RSA Latin America has an established presence in Chile, Argentina, Brazil, Mexico, Colombia and Uruguay, with a balanced portfolio mix.
Go deeper with GlobalData
Under the terms of the deal, senior management in each of the respective country operations will continue with the respective businesses at completion.
Commenting on the deal, RSA Group CEO Stephen Hester said: "We are pleased to announce the disposal of our Latin American businesses to Suramericana.
"With RSA’s focus on its largest markets in the UK & Ireland, Scandinavia and Canada, it has become increasingly clear to us that RSA is no longer the best strategic owner of these businesses.
"In Suramericana we have an experienced and committed regional player who can make the business a much more central part of their strategy."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataPending receipt of relevant regulatory approvals in each of the countries, the transaction is expected to be completed by the end of 2016.
