25th Mar 2009 16:47
Acquisition
RSA acquires the remaining 50% of its joint venture in Central & Eastern Europe
Following our announcement on 5th February 2009, RSA Insurance Group plc has today entered into a sale and purchase agreement with Direct Insurance Financial Investments (DIFI), to acquire DIFI's 50% holding in Intouch Insurance Group BV for €70m in cash.
Completion of the transaction is subject to obtaining regulatory approvals.
-ENDS
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| Claire Cordell | Thomas Coops | |||||||||||||||||||||||||||||
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| Suzannah Seddon | Simon Kutner | |||||||||||||||||||||||||||||
| Tel: +44 (0) 20 7111 7140 | Tel: +44 (0) 20 7111 7327 | |||||||||||||||||||||||||||||
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Notes to editors:
About RSA
With an almost 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. It has the capability to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East and Latin America. Focusing on general insurance, it has around 22,000 employees and, in 2008, its net written premiums were £6.5bn.
About DIFI
DIFI was established in 1994 and is listed on the Tel Aviv Stock Exchange. It is the 9th largest insurance
company in Israel and the number 1 direct motor insurer with 13% market share.
About Intouch Insurance Group BV
Intouch Insurance Group BV owns direct insurance operations in Poland, the Czech Republic and Russia. In 2008 Intouch Insurance Group BV reported premiums of c£60m.
Link 4 was established in Warsaw in 2003 and is the leading Direct insurer in Poland with a 60% share of the direct motor market, employing 750 people. GWP as at 31 December was c£55m (c7% growth over 2007 on a constant exchange basis).
Direct Pojistovna, based in Prague was launched in May 2007 and employs c170 people. Reported premiums at 31 December 2008 were c£5m (260% growth over 2007 on a constant exchange basis).
Intouch launched in Russia in April 2008.
Important Disclaimer
This press release may contain "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the Company's control, including amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which the Company and its affiliates operate. As a result, the Company's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Company's forward-looking statements. The Company undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this press release shall be construed as a profit forecast.
Copyright Business Wire 2009
Related Shares:
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