Royal & SunAlliance (RSA), the UK-listed insurance group, will spend around £19m (€27.6m) in costs associated with the initial public offering of Promina, its Australian and New Zealand business.

The bulk of the costs for the IPO, which is set for early May, will be fees for the joint global co-ordinators, Goldman Sachs and Macquarie Bank, the Australian bank. Cazenove missed out on a role on the deal even though it was a long-standing adviser to RSA.