RSA announces sale of Dutch Caribbean OperationPOSTED: 12/21/12 2:20 PM
St. Maarten -Sun Alliance Insurance Overseas Limited and Maduro & Curiel’s Bank N.V. yesterday announced that that they have reached a final agreement to sell Royal & Sun Alliance Insurance (Antilles) N.V to Fatum General Insurance N.V.
The business reported c.£15m GWP in 2011. The financial terms of the transaction are not being disclosed. However the transaction is subject to certain conditions precedent, including regulatory approvals in Curacao, St. Maarten, Aruba and the Islands of Bonaire, Sint Eustatius and Saba.
Richard Houghton, RSA Group Chief Financial Officer said that “While relatively small in terms of the Group’s capitalization, today’s announcement is further evidence of our determination to utilize our capital wisely and only focus on territories where we can achieve scale and deliver attractive returns to shareholders. In the majority of our markets we are already achieving our objectives but where we see no strategic fit or route to outperformance, we are committed to taking decisive action.” The announcement was made via the London Business Wire.
Since 1904, Fatum has been operating on Curacao, Bonaire, St.Maarten and Aruba. The insurance firm has become a dominant player in the insurance market in the Dutch Caribbean with its head office located on Curacao. Through a network of independent Brokers, Fatum sells non-life, life, pension and health insurances. Fatum has a solid financial position and reputation and is in compliance with solvency regulations issued by the Central Banks of Curacao, St.Maarten and Aruba.
With a 300-year heritage, RSA is one of the world’s leading multinational listed insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Asia, Central & Eastern Europe, Middle East and Latin America and has the capability to write business in around 140 countries. Focusing on general insurance, RSA has around 23,000 employees and, in 2011, its net written premiums stood at £8.1 billion.