In February 2002 RSA set aside £384 million to double its reserves available for asbestos claims which, combined with claims of £215 million arising from the 11 September attacks, wiped out its 2001 profits. RSA put up seven of its subsidiaries for sale in an attempt to raise a further £800 million to cover liabilities for asbestos insurance claims in the United States. Friends Ivory & Sime subsequently acquired RSA's UK asset management subsidiary in May 2002 for £240 million. The situation was further compounded by RSA having to reserve £1.2 billion against liabilities for guaranteed annuities, the product which caused the collapse of Equitable Life, and was also facing a fine from the Financial Services Authority for failure to meet the deadline in the pension mis-selling review. Two months later Friends Provident acquired RSA's offshore life unit International Financial Services Limited, based on the Isle of Man, for £133 million. In July 2002 RSA sold its group risk business to Canada Life for £60 million. RSA was forced to close its life business, with the loss of 1,200 jobs, in August 2002.