Royal & SunAlliance Insurance Group, the UK insurer, has turned to BNP Paribas for the first time to advise on the £134m (€220m) sale of its Spanish subsidiaries to a US insurer.

Goldman Sachs has traditionally been RSA's preferred financial adviser for large strategic moves. However, the company has recently opened the door to a range of corporate finance houses to advise on a year-long review of its worldwide business.