Sell-off by RSA raises £100m
13 April 2012
CASH-STRAPPED insurer Royal & Sun Alliance raised a further £100m selling its holding in the Mutual & Federal Insurance Company.
RSA will be hoping it has achieved a full price for the South African unit, after drawing criticism for selling its Australian business too cheaply.
Last year, RSA tapped the capital markets for £910m. It had been hit by both the fall in value of its equity portfolio and by the unprofitability of many of its policies.
