Royal & Sun Alliance (RSA) unveiled plans to raise £960m through a discounted rights issue and a strategy to exit most of its US business.
The insurer said the money would be used to shore up its reserves - namely, a newly identified deficit of £744m - with the rest of the money to be ploughed into its existing business.
RSA recorded a drop in both personal and commercial lines premiums in the first six months of 2003, compared to the same period last year, although both sides of the business
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