RSA’s £403m sale of LatAm unit approved by Mexican regulator

Added 10th June 2016

Mexican insurance regulator National Commission of Insurance and Finance (CNSF) has approved the sale of the local arm of UK-based RSA Insurance Group by Colombia's Grupo Sura.

RSA’s £403m sale of LatAm unit approved by Mexican regulator

“Suramericana is now establishing itself in the bulk of the countries where it acquired the former RSA operations, which is allowing us to move forward with consolidating our portfolio.

“We continue to maintain a positive outlook for the rest of 2016,” Grupo Sura chief exectuive David Bojanini told Finance Colombia.

Last year, Suramericana - the insurance subsidiary of Grupo Sura – paid at least £403m ($583m, €513m) for all of RSA’s operations in Latin America, subject to the approval of the CNSF.

The deal came after Zurich was forced to call off its bid for the unit, as it struggled to rebuild after incurring heavy losses following the explosions at the Chinese port of Tianjin in August 2015.

At the time, RSA said it was pulling out of the market to focus on its core business in the United Kingdom, Ireland, Scandinavia, and Canada.

“It has become increasingly clear to us that RSA is no longer the best strategic owner of these [Latin] businesses," said RSA group chief executive Stephen Hester.

Although the sale is now official in Mexico, Brazil, Argentina, and Chile, it is still awaiting for approval in Uruguay.

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Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.


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