Royal & Sun Alliance Insurance Group (R&SA) has announced it is to sell its life and general Benelux subsidiaries for £77m to Netherlands-based Achmea Holding N.V.
The group announced that it will continue to underwrite and service insurance programmes in Benelux for its multinational clients, but this will be UK-managed.
R&SA group chief executive Bob Mendelsohn said: "This sale represents the next step in our programme to free up capital to reinvest in the core parts of our general insurance business where we believe we can achieve higher returns.
"We are pleased to have reached agreement with Achmea and that our colleagues in the Netherlands and Belgium will become part of a significant insurer in the Benelux region," he added.
The net asset value of the Benelux subsidiaries was £74m at 31 December 2001, on a UK GAAP basis.
