RSA announces sale of Dutch Caribbean Operation
Sun Alliance Insurance Overseas Limited and Maduro & Curiel’s Bank N.V. announced today 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.
The transaction is subject to certain conditions precedent, including regulatory approvals in Curacao, Sint Maarten, Aruba and the Islands of Bonaire, Sint Eustatius and Saba.
Richard Houghton, RSA Group Chief Financial Officer said
“While relatively small in terms of the Group’s capitalisation, today’s announcement is further evidence of our determination to utilise 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.”
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|Matthew Hotson||Louise Shield|
|Tel: +44 (0) 20 7111 7212||Tel: +44 (0) 20 7111 7047|
|Rupert Taylor Rea||Bart Nash|
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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.
About Maduro & Curiel’s Bank N.V.
Maduro & Curiel’s Bank N.V. was established in 1916 in Curaçao as the first commercial bank in the Dutch Caribbean. Maduro & Curiel’s Bank is affiliated since 1970 with Canada’s most international financial institution The Bank of Nova Scotia and has over Naf 6 billion in assets. Maduro & Curiel’s Bank has subsidiary banks and offices on all six Dutch Caribbean islands: Aruba, Curaçao, Bonaire, St. Maarten, Saba and St. Eustatius and a work force of over 1,500 employees.
In 1889, some 123 years ago, the business relationship between the then Sun Fire Offices, now known as RSA and the then Correa Hermanos & Co. now known as Maduro & Curiel’s Bank N.V. was initiated.
About Fatum Holdings N.V. (Fatum)
Since 1904, Fatum has been operating on Curacao, Bonaire, St.Maarten and Aruba. Fatum is 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.
Since 2003 Guardian Holdings Limited (GHL) is the parent company of Fatum Holdings N.V. GHL stands for an integrated financial services group with a focus on life, health, property and casualty insurance, pensions and asset management. The company has grown steadily and currently operates across the English and Dutch Caribbean with interests in the United Kingdom. It is listed on both the Trinidad and Tobago and Jamaica stock exchanges. GHL has earned its reputation among the leading financial institutions in the Caribbean.
This press release may contain ‘forward-looking statements’ with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition, performance results, strategic initiatives and objectives. Generally, words such as “may”, “could”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “aim”, “outlook”, “believe”, “plan”, “seek”, “continue” or similar expressions identify forward-looking statements. These forward-looking statements are not guarantees of future performance. By their nature, all forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group’s control, including amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation or regulations in the jurisdictions in which the Group and its affiliates operate. As a result, the Group’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Group’s forward-looking statements. Forward-looking statements in this press release are current only as of the date on which such statements are made. The Group undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this press release shall be construed as a profit forecast.