Fosun in talks to buy RSA's Middle East business: Sources

Sources said that Chinese conglomerate Fosun International Ltd. is in talks with London-based RSA Insurance Group P.L.C. to acquire the latter's Middle East business, reports Bloomberg.

The sources said that the sale is likely to fetch less than $200 million.

RSA has been cutting costs and selling assets to strengthen its balance sheet.

RSA has operations in the United Arab Emirates, Bahrain, Oman and Saudi Arabia in the Middle East.

RSA's annual report showed that its Middle Eastern unit recorded around £150 million ($233.8 million) in net written premiums in 2013.

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