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LONDONRoyal & SunAlliance Insurance Group P.L.C. has sold its remaining United States operations and will delist from the New York Stock Exchange.
London-based RSA said it was selling its U.S. property/casualty operations, which have not accepted new business since 2003, to Arrowpoint Capital, a vehicle set up by the management of RSA's U.S. operations.Arrowpoint will pay £158 million ($296.9 million)for the operations, and on completion of the deal RSA will make a £151 million contribution to the U.S. entities.
The deal is subject to regulatory approval.RSA said it also would delist from the New York Stock Exchange and terminate its U.S. Securities and Exchange Commission registration.
Andy Haste, chief executive officer of RSA, said the company would incur an estimated £443 million pretax loss on the disposal.After needing to boost reserves for asbestos and other U.S. liabilities, RSA in 2003 announced a major restructuring program which included the sale of the renewal rights to large parts of its U.S. commercial property/casualty operations to Travelers Property Casualty Corp.
Mr. Haste said the Arrowpoint deal gave RSA a "clean exit from the United States. "Under the terms of the deal, RSA will also shed its U.S. pension liabilities, Mr. Haste added.
Meanwhile Standard & Poor's Corp. said its A- rating on RSA remained unchanged in light of the deal, although it viewed the development "positively".
Moody's Investors Service said it had placed its Baa1 European ratings of RSA on review for a possible upgrade following the announcement of the proposed Arrowpoint deal.