RSA Insurance completes sale of Italian business

4th Jan 2016 07:41

(ShareCast News) - RSA Insurance has completed the sale of its business in Italy to ITAS Mutua following the receipt of regulatory approval.Headquartered in Trento, Italy and founded in 1821, ITAS is the oldest mutual insurance company in Italy.It provides over 1.2m policies to almost 700,000 insured members and is represented by over 250 agents. ITAS has 446 direct employees.RSA had announced the agreement in October 2015.Chief executive officer Stephen Hester said at the time: "This transaction continues the excellent momentum of our announced disposals in 2014 and represents further progress in tightening the strategic focus of the group."