Briefing: Should Intact make a move for Hiscox?

Sources have recently told Insurance Times that they believe Canadian firm Intact Financial Corporation could soon make a move for Hiscox as part of its expansion plans.

Such a move would be a huge deal and, on the face of it, seems to be a good idea.

Hiscox is a well-respected commercial and specialty player in the market and, after Intact purchased RSA in 2021, RSA started to move towards commercial lines, completing its exit from personal lines in 2023.

And acquiring Hiscox would be Intact’s next big deal, having completed acquisitions of NIG and Farmweb in May 2024.

Is it the right move?

However, would it be the right move for the insurer?

In June 2021, Bidco, a wholly owned subsidiary of Intact, and Danish insurer Tryg A/S completed their acquisition of RSA.

The deal details saw Intact take over RSA’s Canadian, UK and international business, while Tryg A/S assumed control of RSA’s Sweden and Norway operations.

Intact began its commercial push with RSA in December 2023, saying it would focus on commercial lines and selling its direct personal lines operations – comprising home and pet lines – to Admiral Group.

Under the RSA brand, Intact then acquired Direct Line Group’s (DLG’s) commercial lines operations and recently completed its integration of those into the UK business.

Then, it was announced in April 2025 that RSA would rebrand at the end of that year, adopting Intact’s name. And it was around this time that big exits started happening from the UK business.

Among them was Sonya Bryson, who served as commercial lines managing director. She played a fundamental role in the integration of NIG and FarmWeb, but departed in June 2025.

Later in the year in December, it was announced that chief transformation director for commercial lines Rob Flynn would also leave. 

Flynn took on this role in February 2024 ahead of the completion of the takeover of NIG and FarmWeb, having previously been SME managing director.

Finding its feet?

So, key people in the commercial push have departed. And they have not been the only ones.

For example, former head of partnerships Daniel Head left for Allianz Commercial in July last year to become its new head of delegated authority and portfolio solutions for UK global and international markets.

And Gemma Jackson, head of diversity, equity and inclusion (DEI), said in July 2026 that her role was being made redundant following a restructure.

The responsibility for DEI will continue to be led by Sarah Mantle-Gray, chief human resources officer. It will be embedded across the insurer’s people strategy and human resources team.

So, given the significant restructuring since 2023 and big exits around the time of the rebrand, it could be said that the new look Intact UK is still finding its feet under a new identity. 

Intact is still looking at how to define itself as a huge commercial player in the UK. So, would it have the right plan in place for Hiscox if it were move for the insurer?

Maybe not – and perhaps now is not the right time for it to look to acquire such recognised brand in Hiscox.

Ways of growth

However, if Intact were to make a move for Hiscox, there is another thing to note.

At the end of the day, Intact is focused on being one of the largest insurers in the UK and, following the transaction of NIG and Farmweb, it became the UK’s third largest commercial lines insurer with an estimated 7% of total market share.

However, Hiscox has a slightly different approach, focusing on increasing penetration in specialist niches and expanding specialty expertise into new markets, in addition to capturing high quality growth opportunities across its businesses.

So, while the two firms might complement each other, they both have different ways of growing. So, would they be a good fit for each other?

Only time will tell if Intact decides to make a move.