TORONTO, Oct. 1, 2012 /CNW/ - RSA Canada, one of Canada's leading home, car and business insurance groups, has received regulatory approval to close its acquisition of Quebec-based intermediated P&C insurer L'Union Canadienne.
"We're excited to welcome L'Union Canadienne employees, brokers and customers to RSA," said Rowan Saunders, President & CEO of RSA Canada. "We look forward to leveraging RSA and L'Union Canadienne's combined strengths in terms of people, products and technical expertise to deliver a winning proposition for Quebec brokers and customers."
In June, RSA announced its agreement to purchase L'Union Canadienne, Quebec's third largest intermediated Personal lines insurer, for $150 million. The addition of L'Union Canadienne builds on RSA's 160 year presence in the province of Quebec, positioning RSA as a top 5 insurer in that province in addition to solidifying its position as the third largest P&C insurer in Canada.
"The addition of L'Union Canadienne is consistent with RSA's strategy of delivering sustainable, profitable growth through a combination of new business and acquisitions," continued Saunders. "As the second largest private insurance market in Canada, and the most profitable P&C market in the country, Quebec presents significant opportunities for us to grow our business."
This acquisition broadens RSA's personal lines portfolio, increases its share of the commercial market space and diversifies its geographic concentration of risk.
With a 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe and has the capability to write business in around 140 countries. Focusing on general insurance, RSA has around 23,000 employees and, in 2011, its net written premiums were £8.1 billion.
About RSA Canada
RSA Canada includes Roins Financial Services Limited, Royal & Sun Alliance Insurance Company of Canada, Quebec Assurance Company, Johnson Inc., Western Assurance Company, Ascentus Insurance Ltd., Canadian Northern Shield Insurance Company, RSA Travel Insurance Inc./Assurance Voyage RSA inc., and is part of the RSA group of companies headed by RSA Insurance Group plc. RSA Canada employs approximately 3,900 people and is represented by a large network of brokers across the country. In 2011, the Canadian Group wrote $2.6bn in direct premiums with assets exceeding $7 billion. RSA is a trade name of Royal & Sun Alliance Insurance Company of Canada. "RSA" and the RSA logo are trademarks used under licence from RSA Insurance Group plc.
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SOURCE: RSA Canada
For further information:
Corporate Communications Consultant, RSA Canada