6th Jun 2012 13:55
IMMEDIATE 6 June 2012
RSA acquisition in Quebec
RSA announces the acquisition of L'Union Canadienne, Compagnie d'assurances from Co-operators General Insurance Company.
L'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.
- ENDS -
Enquiries:
| Analysts | Press | ||||||||||||||||||||||
| Claire Cordell | Louise Shield | ||||||||||||||||||||||
| Tel: +44 (0) 20 7111 7212 | Tel: +44 (0) 20 7111 7047 | ||||||||||||||||||||||
| Simon Sperryn-Jones | Bart Nash | ||||||||||||||||||||||
| Tel: +44 (0) 20 7111 7140 | Tel: +44 (0) 20 7111 7336 |
Notes to editors:
1. As at 31 December 2011, L'Union Canadienne, Compagnie d'assurances had gross assets of approximately CAD 462m (GBP 289m) and net assets of approximately CAD 121m (GBP 75m)
2. Exchange rate used above is: GBP 1 : CAD 1.6
About RSA
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.
Important Disclaimer
This press release may contain 'forward-looking statements' with respect to certain of the Group's plans and its current goals and expectations relating to its future financial condition, performance results, strategic initiatives and objectives. Generally, words such as "may", "could", "will", "expect", "intend", "estimate", "anticipate", "aim", "outlook", "believe", "plan", "seek", "continue" or similar expressions identify forward-looking statements. These forward-looking statements are not guarantees of future performance. By their nature, all forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group'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 or regulations in the jurisdictions in which the Group and its affiliates operate. As a result, the Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Group's forward-looking statements. Forward-looking statements in this press release are current only as of the date on which such statements are made. The Group 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 2012
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