22 August 2014 Insurance

Allied World acquires RSA's insurance operations in HK and Singapore

Allied World is set to acquire the Hong Kong and Singapore operations of UK insurer RSA for approximately $215 million.

RSA’s business includes a niche group of specialty lines, including casualty, construction and engineering, marine and property. In 2013, the businesses had total gross premiums written of approximately $250 million.

RSA has a long history in the region, with connections that go back over 40 years in Hong Kong and over 180 years in Singapore.

The transaction, which is subject to regulatory approvals in Singapore and Hong Kong as well as court approval in Singapore, is expected to be completed during the first half of 2015.

Stephen Hester, RSA Group chief executive, said: “This transaction builds further on the momentum of our recently announced disposals in the Baltics, Poland, Canada (Noraxis) and China, and represents continued progress against our aim of tightening the strategic focus of the Group. Further disposals are targeted over the next 12-18 months to complete this process.”

Scott Carmilani, president and chief executive officer of Allied World, added: “This is a truly unique opportunity to acquire leading specialty businesses in key Asian markets. This transaction will significantly deepen and broaden our presence in Asia. The business brings regional market leadership, complementary product offerings, extensive distribution and an experienced and talented management team to Allied World, strengthening our global insurance franchise.”

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