Britain’s largest non-life insurer, RSA Insurance Group, could sell its Asian operations for up to $US500 million ($531 million), according to reports.

The group is currently restructuring its business, led by new CEO Stephen Hester.

It has suffered losses from extreme weather events and accounting irregularities at its Irish division, which prompted the departure of several senior executives.

Insurers considering bids for the Asian arm reportedly include QBE, Allianz, Sompo Japan Insurance and Axa. 

An RSA spokesman told insuranceNEWS.com.au that a number of its businesses had been sold in recent months in Poland, Latvia, Lithuania and Estonia.

Noraxis, RSA’s Canadian brokerage, was sold last month, with Arthur J Gallagher taking up 87% and the rest being retained by management.

He told insuranceNEWS.com.au the insurer will continue to evaluate further non-core disposals, some of which are expected to be agreed in 2014.

RSA announced in February that UK and Ireland, Canada, Scandinavia and Latin America will form the core of the group.