Canada NewsWire
TORONTO, April 4, 2022
TORONTO, April 4, 2022 /CNW/ - RSA Insurance Group Ltd ("RSA") and Intact Financial Corporation today announced the sale of RSA's 50.00002% shareholding in RSA Middle East B.S.C.(c) ('RSA Middle East') to National Life & General Insurance Company, majority owned by Oman International Development and Investment Co. SAOG (OMINVEST), subject to regulatory approvals.
The transaction follows the acquisition of RSA by Intact Financial Corporation in June 2021, and a subsequent strategic review of operations by Intact and the RSA Board.
Charles Brindamour, CEO of Intact Financial Corporation and Member of the RSA UK and International Board said:
"Alongside the wider RSA UK&I Board, I believe this sale will support the RSA Middle East team's ambition to grow and expand in the region to become a leading multi-line insurance company. Intact and RSA will now focus their efforts on supporting UK, Ireland and Europe businesses towards ambitious outperformance goals."
The transaction is expected to complete by the end of Q3 2022. Clyde & Co LLP – Dubai office is acting as legal adviser to Intact Financial Corporation and RSA.
Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically and through acquisitions to over $20 billion of total annual premiums.
In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also provides affinity insurance solutions through the Johnson Affinity Groups.
In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies.
Outside of North America, the Company provides personal, commercial and specialty insurance solutions across the U.K., Ireland, Europe and the Middle East through the RSA brands.
SOURCE Intact Financial Corporation
View original content: http://www.newswire.ca/en/releases/archive/April2022/04/c9134.html
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