In a statement, RSA said risk management business
"This disposal represents further progress against our aim of tightening the strategic focus of the group, and brings to around
Hester, who joined RSA in early February, is implementing his so-called action plan to turn around the insurer's fortunes, after it swung to a
"RSA’s core strength is in providing, as principal, the best personal and commercial insurance products to our customers, and that is where our focus will continue to be as we deliver on our new strategy and action plan," Hester said.
"We are proud of the work that has been done to successfully build Noraxis. However, now is the right time for RSA to realise its investment. We will continue to evaluate further non-core disposals, some of which we expect to agree during 2014," Hester added.
The deal is expected to close within two months and is subject to regulatory approval.
Noraxis is one of Canada’s largest P&C insurance brokers, operating through six majority-owned units located throughout
In 2013, Noraxis had
Senior management of Noraxis and its subsidiaries are expected to remain with Noraxis at completion.
RSA shares were Tuesday quoted at
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