Troubled UK insurer Royal & Sun Alliance is considering selling its life assurance business, according to reports earlier this week. Royal & Sun has already received bids for the business, but the reports suggest the company may opt instead to securitise the cash flow of the business as bonds. The company is hoping to raise about 600 million ($1 billion) from the sale. The company shut its life fund last year after three years of falling stock markets put such a strain on the company’s capital that it was unable to write new business. Under new CEO Andy Haste Royal & Sun is focusing on general insurance in Britain, Canada and Scandinavia.