RSA Insurance Group plc announces the sale of British Engine Insurance Limited to Knapton Holdings Limited, a wholly-owned subsidiary of Enstar Group Limited, for £28m to be paid in cash.
British Engine is an inwards reinsurance business and has been in run-off since 2001. This transaction removes £107m of net insurance liabilities from the Group’s balance sheet and subject to regulatory approval is expected to complete by 31 December 2009.
