RSA Canada finalizes acquisition of L'Union Canadienne

TORONTO, Oct. 1, 2012 /CNW/ - RSA Canada, one of Canada's leading home, car and business insurance groups, has received regulatory approval to close its acquisition of Quebec-based intermediated P&C insurer L'Union Canadienne.

"We're excited to welcome L'Union Canadienne employees, brokers and customers to RSA," said Rowan Saunders, President & CEO of RSA Canada. "We look forward to leveraging RSA and L'Union Canadienne's combined strengths in terms of people, products and technical expertise to deliver a winning proposition for Quebec brokers and customers."

In June, RSA announced its agreement to purchase L'Union Canadienne, Quebec's third largest intermediated Personal lines insurer, for $150 million. The addition of L'Union Canadienne builds on RSA's 160 year presence in the province of Quebec, positioning RSA as a top 5 insurer in that province in addition to solidifying its position as the third largest P&C insurer in Canada.

"The addition of L'Union Canadienne is consistent with RSA's strategy of delivering sustainable, profitable growth through a combination of new business and acquisitions," continued Saunders. "As the second largest private insurance market in Canada, and the most profitable P&C market in the country, Quebec presents significant opportunities for us to grow our business."

This acquisition broadens RSA's personal lines portfolio, increases its share of the commercial market space and diversifies its geographic concentration of risk.

About RSA
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.

Important Disclaimer
This press release may contain 'forward-looking statements' with respect to certain of the Group'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 are inherently predictive and speculative and involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group'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 or regulations in the jurisdictions in which the Group and its affiliates operate. As a result, the Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Group'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 Group 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.

SOURCE: RSA Canada

Christine Siemiernik
Corporate Communications Consultant, RSA Canada
[email protected]
Direct:  647-776-9404
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