RSA and CCHC talks could extend to Peruvian sale
Bnamericas Published: Wednesday, November 05, 2003
Ongoing talks between UK-based insurer Royal & SunAlliance (NYSE: RSA) and Chile's construction trade association (CCHC) may result in RSA relinquishing its 30% stake in its Peruvian subsidiary, local press reported. Last week RSA announced that it was in talks with CCHC regarding the sale of its 51% stake in Chilean insurer La Construccion. CCHC sold 40% of its stake in La Construccion to RSA for US$122mn in 1997 with RSA obtaining a further 11% share in the insurer from the association two years later for a purchase price of US$58mn. According to CCHC president Fernando Echeverria, the association is not currently looking to take up a stake in a new company but would not rule out the possibility if an attractive offer were laid on the table. RSA has established a corporate program aimed at gaining competitive advantage and consistent returns in the general insurance segment, at the expense of volume or market share. The group is currently offloading its life insurance assets in the LatAm region.
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