Royal & SunAlliance Announces Initial Public Offer
Royal & SunAlliance Announce Plans for an IPO involving the majority of its Asia Pacific Insurance and Financial Services Operations
The Royal & SunAlliance Group today announced plans for an Initial Public Offering (IPO) involving the majority of its Asia Pacific operations which encompass Australia, New Zealand and certain Asian countries.
The new company will continue to operate under existing well known brands including AAMI, Australian Pensioners Insurance Agency and Tyndall in Australia, AA Insurance and International Marine in New Zealand as well as other operations in the region. It will focus exclusively in the Asia Pacific market.
Ewoud Kulk, Group Director Asia-Pacific, Royal & SunAlliance, will become non-Executive Chairman of the new entity.
Mike Wilkins, Managing Director, Royal & SunAlliance Australia, will become CEO of the new regional entity.
The IPO is on track to be finalised during the first half of 2003, after all necessary financial and regulatory requirements have been completed. Macquarie Bank and Goldman Sachs have been retained in conjunction with this process. Discussions are underway with regulators and joint venture partners in the Asia Pacific markets in which the Group operates.