It is reported that Royal & Sun Alliance has said it is in a position to sell its British life business, having reached an agreement with regulators over potential liabilities - including a possible £300m for mis-selling of non-guaranteed annuities. Last September the group said its UK life division, now closed to new business, could be carrying market and regulatory risks of up to £500m. The insurer is keen to pull out - either through sale or a securitisation as part of efforts to focus on general insurance. David Knox of Cazenove is has said ' The UK life position has been largely stabilised and secured, and the group can now hold meaningful negotiations with potential buyers.'