8th Jan 2010 11:23
Acquisition
RSA acquires 80.8% of Sveland Sakförsäkring AB (Sveland P&C Ltd) in Sweden
RSA Insurance Group plc announces the acquisition of 80.8% of Sveland P&C Ltd, for SEK 138m (GBP 12m) in cash. Sveland P&C is the 9th largest private insurer in Sweden with gross written premiums of SEK 480m (GBP 42m) in 2008.
Building on the success of our bank distribution model in Denmark, this acquisition will strengthen the Group's banking distribution and presence in southern Sweden and is consistent with RSA's strategy of building leading positions in targeted segments.
Completion of the transaction is subject to regulatory approval.
-ENDS
| For further information: | |||||||
| Analysts | Press | ||||||
| Claire Cordell | Jon Sellors | ||||||
| Tel: +44 (0) 20 7111 7212 | Tel: +44 (0) 20 7111 7047 | ||||||
| Suzannah Oliver | Simon Kutner | ||||||
| Tel: +44 (0) 20 7111 7140 | Tel: +44 (0) 20 7111 7327 |
Notes to editors:
About RSAWith 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 21,000 employees and, in 2008, its net written premiums were £6.5bn.
Sveland P&C LtdSveland P&C Ltd operates in southern Sweden and provides a range of products including Personal Motor, Household and Commercial Property. Net written premiums in 2008 were SEK 321m (GBP 28m).
The remaining 19.2% of Sveland P&C Ltd is held by a consortium of 13 savings banks based in Southern Sweden with whom RSA Group has concluded a 5 year exclusive distribution agreement.
The consideration and Sveland's premiums were converted using the exchange rate of GBP 1: SEK 11.5 as at 31 December 2009.
Important DisclaimerThis press release may contain 'forward-looking statements' with respect to certain of the Company'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 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. Forward-looking statements in this press release are current only as of the date on which such statements are made. 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 2010
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