External Content

The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.

(Bloomberg) -- RSA Insurance Group Plc is considering the sale of its Middle Eastern business as the U.K. insurer seeks to raise capital, people with knowledge of the matter said.

RSA, whose operations span Europe, Asia, Latin America and Canada, is working with UBS Group AG on the potential sale of the unit, which may fetch less than $300 million, the people said, asking not to be identified as the information is private. A sale may kick off as soon as next month, one of the people said.

The business may attract interest from global rivals including France’s Axa SA, Zurich Insurance Group AG of Switzerland and local Middle Eastern firms including Qatar Insurance Co., they said. No final decision has been made and the insurer may choose not to sell the company, they said.

RSA continues to review options for its Middle East business, the insurer said in an e-mailed statement, adding that no decision is imminent and the company is not in discussions with any interested parties.

In the Middle East, RSA operates in Saudi Arabia, the United Arab Emirates, Bahrain and Oman. The unit generated about 150 million pounds ($228 million) in net written premiums in 2013, according to the insurer’s annual report.

Asset Sales

RSA Chief Executive Officer Stephen Hester, who joined in February last year after an accounting scandal, has been cutting costs and selling assets to bolster the company’s balance sheet. The former banker has sold businesses throughout Asia, the Baltics, Poland, Italy and Canada, reversing a decade of expansion.

The company is currently reviewing its Middle Eastern business, which may lead to a potential sale of the unit, RSA said in a prospectus issued by its Saudi Arabian unit this month.

Representatives for Axa and Zurich declined to comment. Representatives for Qatar Insurance didn’t respond to requests for comment.

--With assistance from Sarah Jones in London and Joe Brennan in Dublin.

To contact the reporters on this story: Dinesh Nair in London at dnair5@bloomberg.net; Aaron Kirchfeld in London at akirchfeld@bloomberg.net; Ambereen Choudhury in London at achoudhury@bloomberg.net To contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net Elizabeth Fournier, Dale Crofts

Neuer Inhalt

Horizontal Line

subscription form

Form for signing up for free newsletter.

Sign up for our free newsletters and get the top stories delivered to your inbox.

Click here to see more newsletters

swissinfo EN

The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.

Join us on Facebook!