Published On: Thu, Dec 20th, 2012

Fatum to take over Royal & Sun Alliance Insurance Antilles (RSA)

WILLEMSTAD – UK-based RSA announced that a subsidiary, Sun Alliance Insurance Overseas Limited, and Maduro & Curiel’s Bank N.V. “have reached a final agreement to sell Royal & Sun Alliance Insurance (Antilles) N.V. to Fatum General Insurance N.V.”

The business reported £15 million [$24 million] in gross premiums written in 2011. The financial terms of the transaction are not being disclosed.

RSA also noted that the “transaction is subject to certain conditions precedent, including regulatory approvals in Curacao, Sint Maarten, Aruba and the Islands of Bonaire, Sint Eustatius and Saba.”

Richard Houghton, RSA Group CFO commented: “While relatively small in terms of the Group’s capitalization, today’s announcement is further evidence of our determination to utilize our capital wisely and only focus on territories where we can achieve scale and deliver attractive returns to shareholders. In the majority of our markets we are already achieving our objectives but where we see no strategic fit or route to outperformance, we are committed to taking decisive action.”

Fatum Holding N.V.

Fatum has branches in Aruba, Bonaire, Curaçao and in Sint Maarten and offers general-, life-, pension- and health-insurance solutions. Fatum is one the largest insurance companies in the Dutch Caribbean.

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