Royal & Sun Alliance said it has completed the disposal of its troubled US operation, ending its exposure to potentially ruinous asbestos-related claims.
In a brief statement this morning, R&SA said it had completed the sale of the US division to Arrowpoint Capital.
"The disposal achieves the group's objective of bringing certainty and finality to its exposure to the US operation," the insurer said.
Under the deal, first announced in September 2006, R&SA is providing the US unit with a £151m capital injection, and will receive a payment of £158m over the next four years.
After the inclusion of asset write-offs, RSA is expected to incur a net pretax loss of £443m from the disposal.
