- Consortium, made of Intact Financial Corporation and Tryg A/S, has purchased all shares in RSA Insurance Group plc, with acquisition valued at GBP 7.2bn
- Acquisition set to strengthen footprint and leadership position
Bahrain: RSA Middle East announced that Intact Financial Corporation, leading Property & Casualty insurance company in North America, has successfully acquired all its intended shares in RSA Insurance Group plc, based out of the UK. Consortium, made of Intact Financial Corporation and Tryg A/S, has purchased all shares in RSA Insurance Group plc, with acquisition valued at GBP 7.2bn. The acquisition will not change the shareholding structure of the RSA Middle East (“RSA”) joint venture.
Commenting on the acquisition, RSA’s Middle East CEO, Martin Rueegg, said: “I’m really excited about this new chapter. We are looking forward to working together, leveraging their global expertise to continue to build on our recent progress. We are keen to develop even better propositions for our customers and partners. The strengths of Intact give us a great opportunity to improve and accelerate our plans with the joint goal of making it an even stronger business. I’m really looking forward to helping our customers achieve their goals and ambitions – together with Intact.”
RSA does not foresee structural or personnel changes at a regional level. On a global level, key positions are already confirmed, with Scott Egan, CEO of RSA’s UK & International businesses to continue this position post the acquisition’s completion.
With 300 years of history as the founder of the global insurance industry and 70 years of operation in the Middle East, RSA is excited for this next chapter and is ready to join the Intact global family. Over the last four years, RSA has invested heavily into transforming its company purpose, values and strategies, as well as its technology backbone, to truly put its customers at the heart of all decision making. This transformation has been recognized recently by the media as RSA was awarded “Most Customer Centric Insurance Company – Middle East”. Intact share similar values as RSA and are committed to helping its customers as well as its international businesses grow in each of their respective markets.
Intact is the largest property & casualty insurer in Canada and a leading specialty insurer in North America. Intact has been leveraging new technologies, such as artificial intelligence and advanced digital capabilities, to support its businesses to achieve leadership positions in the markets it operates in. Intact’s global strengths and expertise will help RSA grow and service its customers even better in the Middle East.
About Intact Financial Corporation:
Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the UK and Ireland. Its business has grown organically and through acquisitions to over $20 billion of total annual premiums.
In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also provides insurance solutions through its RSA Insurance brands, including Johnson Affinity Groups. Intact Public Entities, a managing general agent, distributes public entity insurance programs including risk and claims management services in Canada.
In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies. Our specialty solution platforms leverage the capabilities and expertise in the UK and International markets, through its RSA brand, to support brokers and customers.
About RSA Middle East B.S.C.:
RSA Middle East is a leading provider of property and casualty insurance in the Middle East. It offers solutions for both commercial and retail clients, across a range of product lines, including motor, property, medical, SME as well as tailored solutions for large corporates. It has operated in the region for 70 years, bringing best-in-class international solutions and expertise to the Middle East.
RSA Middle East is a joint venture formed by RSA Insurance Group plc, with majority shareholding, and regional shareholders in the Middle East. It has operations in Bahrain, UAE, Oman and the Kingdom of Saudi Arabia. It operates as local publicly listed companies in Oman, under Al Ahlia Insurance Company, and in Saudi Arabia, under Al Alamiya For Cooperative Insurance Company.