GUELPH AND TORONTO, June 6, 2012 /CNW/ - Home, car and business insurer RSA Canada has agreed to acquire L'Union Canadienne, a Quebec-based intermediated P&C insurer, from its parent company Co-operators General Insurance Company (CGIC) for $150 million, pending regulatory approval, and other standard closing adjustments and conditions.
"This is an exciting day for RSA and L'Union Canadienne. The deal provides significant opportunities for employees, brokers and customers of both companies," said Rowan Saunders, President & CEO of RSA Canada. "Quebec is very important to us - a province in which we have a long history, dating back to 1845. This acquisition positions RSA as a top 5 insurer in Quebec and solidifies us as the third largest P&C insurer in Canada."
"Following a series of recent acquisitions, RSA is now positioned as the insurer with the broadest national personal and commercial proposition, offering end to end solutions from coast to coast."
L'Union Canadienne is Quebec's third largest intermediated Personal Lines insurer, employing over 300 people across offices in Quebec City and Montreal, and distributing through a network of more than 150 brokers across the province.
"L'Union Canadienne has been a significant contributor to The Co-operators success since it was acquired by our organization in 1999," said Kathy Bardswick, President and CEO of The Co-operators. "We are well positioned to build on our recent success in growing our direct distribution business in the Quebec marketplace. As this will be our strategic focus going forward, the timing was right to sell L'Union Canadienne to an organization like RSA."
RSA currently operates three offices based in Quebec, with approximately 200 employees.
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.
About RSA Canada
RSA Canada includes Roins Financial Services Limited, Royal & Sun Alliance Insurance Company of Canada, Quebec Assurance Company, Johnson Inc., Western Assurance Company, Ascentus Insurance Ltd., Canadian Northern Shield Insurance Company, RSA Travel Insurance Inc./Assurance Voyage RSA Inc., and is part of the RSA group of companies headed by RSA Insurance Group plc. RSA Canada employs approximately 3,900 people and is represented by a large network of brokers across the country. In 2011, the Canadian Group wrote $2.6bn in direct premiums with assets exceeding $7 billion. RSA is a trade name of Royal & Sun Alliance Insurance Company of Canada. "RSA" and the RSA logo are trademarks used under licence from RSA Insurance Group plc.
About The Co-operators
The Co-operators Group Limited is a Canadian-owned co-operative with more than $38 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is ranked #1 among the 50 Best Corporate Citizens in Canada by Corporate Knights, and listed among the 50 Best Employers in Canada. As a proud member and supporter of the co-operative sector, The Co-operators is pleased to celebrate 2012: The International Year of Co-operatives. For more information visit www.cooperators.ca.
About L'Union Canadienne
L'Union Canadienne, Compagnie d'Assurances offers general insurance products for individuals and businesses through a network of independent brokers, with over 300 points of sale in Quebec, as well as general insurance products in Newfoundland and Labrador.
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