Intact subsidiary RSA selling U.K. home and pet insurance business
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 07/12/2023 (1000 days ago), so information in it may no longer be current.
TORONTO – Insurance company Intact Financial Corp. says its Royal & Sun Alliance Insurance Ltd. subsidiary has signed a deal to sell its U.K. home and pet insurance business to Admiral Group.
The company says the sale includes an initial cash payment of 82.5 million pounds, with a potential additional payment of up to 32.5 million pounds, subject to certain retention thresholds.
The proceeds from the sale and the release over time of capital backing the U.K. personal lines business are expected to total about 350 million pounds, including the benefit of earnout provisions, Intact says.
The deal will result in the transfer of renewal rights, brands and employees. Around 300 RSA employees are expected to move to Admiral.
Intact says it will also work to exit its home and pet partner and broker contracts in the U.K.
The sale has been approved by the boards of directors of Intact and Admiral. It is expected to close at the end of the first quarter of 2024.
This report by The Canadian Press was first published Dec. 7, 2023.
Companies in this story: (TSX:IFC)