RSA Insurance Group, a leading insurance firm in the UK, has indicated that it might be planning to sell the Noraxis Capital Corp, which includes a range of regional insurance brokers in Canada.

According to estimates the company could raise as much as $369 million from the sale of the Canadian business. RSA spokeswoman said a business review is underway and the management will announce its decision on 27 February, 2014. The company has not commented on the reports suggesting that it is planning to sell the Canadian business.

RSA Insurance recently appointed former Royal Bank of Scotland boss Stephen Hester as its new chief executive. Mr Hester is joining the insurance major at a time when the company is required to clean up its Irish business. Barclays has also upgraded the shares of the company following the appointment of Mr. Hester as he is expected to revive the business of the company. Simon Lee had stepped down from the top job due to scandal involving the company's unit in Ireland.

Mr Hester succeeded Simon Lee, who resigned in December after the London-based insurer injected £200 million into its Irish business due to an accounting investigation.