RSA Middle East announced that Intact Financial Corporation, leading Property & Casualty insurance company in North America, has successfully acquired all its intended shares in RSA Insurance Group plc, based out of the UK. Consortium, made of Intact Financial Corporation and Tryg A/S, has purchased all shares in RSA Insurance Group plc, with acquisition valued at GBP 7.2bn. The acquisition will not change the shareholding structure of the RSA Middle East (“RSA”) joint venture.
Commenting on the acquisition, RSA’s Middle East CEO, Martin Rueegg, said: “I’m really excited about this new chapter. We are looking forward to working together, leveraging their global expertise to continue to build on our recent progress. We are keen to develop even better propositions for our customers and partners. The strengths of Intact give us a great opportunity to improve and accelerate our plans with the joint goal of making it an even stronger business. I’m really looking forward to helping our customers achieve their goals and ambitions – together with Intact.”
RSA does not foresee structural or personnel changes at a regional level. On a global level, key positions are already confirmed, with Scott Egan, CEO of RSA’s UK & International businesses to continue this position post the acquisition’s completion.
With 300 years of history as the founder of the global insurance industry and 70 years of operation in the Middle East, RSA is excited for this next chapter and is ready to join the Intact global family. Over the last four years, RSA has invested heavily into transforming its company purpose, values and strategies, as well as its technology backbone, to truly put its customers at the heart of all decision making. This transformation has been recognized recently by the media as RSA was awarded “Most Customer Centric Insurance Company – Middle East”. Intact share similar values as RSA and are committed to helping its customers as well as its international businesses grow in each of their respective markets.
Intact is the largest property & casualty insurer in Canada and a leading specialty insurer in North America. Intact has been leveraging new technologies, such as artificial intelligence and advanced digital capabilities, to support its businesses to achieve leadership positions in the markets it operates in. Intact’s global strengths and expertise will help RSA grow and service its customers even better in the Middle East.