L’Union Canadienne, Compagnie d’assurances takeover in line with insurer’s growth strategy in Quebec
RSA has announce the acquisition of Canadian insurer L’Union Canadienne, Compagnie d’assurances from Co-operators General Insurance Company for CA$150m (£94m) in cash.
L’Union Canadienne is the third largest intermediated motor and property insurer in Quebec, distributing products through a network of more than 200 brokers.
In 2011, net written premiums were around CA$270m (£169m), split approximately between 70% personal and 30% commercial lines.
RSA said that Quebec was the second largest property and casualty insurance market in Canada and delivers loss ratios which are better than the national average. The insurer said the transaction accelerates its organic growth strategy in the province and enhanced its national proposition across both personal and commercial lines.
RSA group chief executive Simon Lee said: “Our Group strategy is to drive continued growth and strong profitability in our overseas markets. Canada is an exciting and successful part of this strategy and this acquisition more than doubles our share of the attractive Quebec market, cementing our position as the third largest insurer in the country.”
This transaction is subject to regulatory approval.
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