The insurer has accepted a £3bn cash offer from Canadian insurer Intact Financial Corporation and a £4.2bn sum from Nordic insurer Tryg.
The announcement follows news made public back in April that RSA had trouble “cancelling its dividend” following debates with the Prudential Regulation Authority as the Covid-19 crisis worsened in the UK.
“The offer reflects the strength and performance of RSA during a challenging period for our industry, representing a significant premium in cash.”
He added: “We believe that our staff, our businesses and our customers can prosper under the stewardship of Intact and Tryg, two great businesses with long histories and strong reputations.”
“RSA has provided peace of mind to individuals and protected businesses from risk for more than 300 years. That history has seen significant consolidation in the insurance industry, a process that continues today.