RSA Insurance Group Plc
IMMEDIATE 6 June 2012
RSA acquisition in Quebec
RSA announces the acquisition of Union Canadienne, Compagnie de assurances from Co-operators General Insurance Company.
Union Canadienne is the third largest intermediated Motor and Property insurer in Quebec, distributing products through a network of more than 200 brokers. In 2011, net written premiums were around CAD 270m (GBP 169m), split approximately 70% Personal and 30% Commercial lines. On completion, consideration of CAD 150m (GBP 94m) is payable in cash.
Quebec is the second largest property and casualty insurance market in Canada and delivers loss ratios which are better than the national average. This transaction accelerates our organic strategy in the province and enhances RSA's national proposition across both Personal and Commercial lines.
Simon Lee, Group CEO, commented, 'Our Group strategy is to drive continued growth and strong profitability in our overseas markets. Canada is an exciting and successful part of this strategy and this acquisition more than doubles our share of the attractive Quebec market, cementing our position as the third largest insurer in the country.
This transaction is subject to regulatory approval.