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.

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."

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Pending receipt of relevant regulatory approvals in each of the countries, the transaction is expected to be completed by the end of 2016.