RSA to focus on small non-UK acquisitions

Simon Lee

"You never say never, but my focus is firmly on bolt-on acquisitions," he told Reuters in Toronto.

Mr Lee explained that the level of acquisitions would be up to the C$420m (£267m) it paid for Canada's GCAN insurance in 2010.

"I feel it's incumbent on me to fund our growth from our own resources, and that means not going to the equity markets," he said.

"That creates effectively a cap on the size of the acquisition that we would undertake."

He also effectively ruled out the possibility of the

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