RSA completes sale of Italian business

RSA Insurance Group has sold its Italian business unit to Trento, Italy-based ITAS Mutua./ REUTERS

RSA Insurance Group P.L.C. has completed the sale of its Italian business, RSA Italy, to Trento, Italy-based ITAS Mutua, it announced Monday.

London-based RSA announced in October 2014 that it would sell its Italian business to ITAS Mutua as part of a program of disposals.

It said it would pass on insurance liabilities of £434 million ($643.0 million), and their associated assets, and receive a further goodwill payment of £19 million ($28.2 million).

Late last year, RSA sold businesses in Russia and Latin America, among other disposals.

In September, Zurich Insurance Group Ltd. announced it was pulling out of a deal to buy RSA.