Royal & Sunalliance (RSA) said today it has moved closer to offloading its troubled US unit after regulators recommended the deal be approved.
A public hearing was held by the Delaware insurance commissioner on Friday to decide whether to approve the deal to sell the country's second-largest commercial insurer's US arm to Arrowpoint, a company set up by RSA US's management.
The hearing was told by officials at the Delaware insurance department that the deal met its statutory tests and should be approved without delay, a Royal & Sun spokesman said.
Independent experts appointed to assess the unit's financial strength told the hearing they regarded its reserves as being reasonably stated and that the company is likely to be able to pay its policyholder claims, Royal & Sun said.
A decision on whether to give the sale the go-ahead is likely to be taken within a month, the company said.
