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U.K.-based insurer RSA Insurance Group P.L.C. has approved the sale of its Italian business to Italian insurer ITAS Mutua Societa Capogruppo, Bloomberg reports.
RSA would receive £19 million ($31 million) for transferring its liabilities worth £434 million to ITAS. Stephen Hester, chief executive of RSA, said the deal "represents further progress in tightening the strategic focus of the group." RSA Italy's net written premiums totaled £221 million in 2013.