Royal & SunAlliance (RSA) last week announced the sale of its life insurance business to the privately owned startup company Resolution Life Group. Resolution Life is backed by investors Prudential Insurance, Standard Life and Royal London. With the recent sale under wraps, market sources say it looks less likely that RSA will have a need to securitize.

"RSA's intentions to sell its life business to this group means that there is little reason for the group to consider securitization," said one market source. "But it's impossible to say that just because this option fits the RSA plan that it will be an option that other insurers will follow as well."

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