UK-based RSA Insurance Group is reportedly exploring options to divest its Canadian businesses Noraxis Capital Corp, a network of regional insurance brokers.

The company has started looking out for potential purchasers and it aims to garner approximately £200m ($369m) by the sale of Canadian unit, reported Sky News.

Sources familiar with the development were quoted by the news agency as saying that the insurer has launched the auction of Noraxis Capital Corp.

An RSA spokeswoman told the publication that the business review was under way and that the company would announce the conclusion on 27 February 2014.

Noraxis members comprise CG&B Group, Renfrew, Ranger, Stevenson & Hunt, Atrens Counsel, Fraser & Hoyt and Bell & Grant.

It is also believed that the Bank of America Merrill Lynch is also advising on the potential sale of the business.

Earlier, the British insurance company had said that it was planning to exercise all possible options to strengthen its capital level, including the disposal of business units.

RSA trades in 31 nations across Europe, Asia, Latin America, Canada and the Middle East.