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RSA INSURANCE SELLS BALTICS, POLAND UNITS FOR $500 MILLION. (Insurance Daily abstract)
Rory Gallivan. The Wall Street Journal Online
04/16/2014

 

Page N/A.  In his latest step toward restoring RSA Insurance Group PLC to financial health, Chief Executive Stephen Hester decided to sell the British insurer’s operations in the Baltics and Poland to Powszechny Zaklad Ubezpieczen S.A., a Polish financial services company.  Powszechny Zaklad has agreed to pay 300 million pounds ($503 million) for the operations. Last year RSA issued a series of profit warnings because of the difficulties at its unit in Ireland and is selling its operations in the Baltics and Poland in order to concentrate on its business in the U.K. and other crucial markets. Hester, the former chief executive of Royal Bank of Scotland Group PLC who took charge of RSA in February, has begun a major fundraising effort and has appointed new executives. Hester said the recent selloffs represented an effort to focus on RSA’s core businesses in the U.K., Ireland, Scandinavia, Canada and Latin America and were in the best interests of the group’s shareholders, customers and employees.  On April 16, RSA announced that Adrian Brown, its U.K. chief, agreed to resign after 25 years at the company because he could not commit to RSA’s long term renewal plan.

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