Takeover of RSA Insurance Group Plc
Following an approach last year to buy RSA, a consortium of Canadian firm Intact Financial Corporation, and Danish business Tryg A/S have now formally purchased all shares in the company. The various international RSA businesses are now owned by Intact or Tryg.
1 June 2021
Customer policies are not impacted by this takeover, and all policies and any claims related to those continue to operate as before. People who need to get in touch with us about a policy or a claim should continue to do so in the usual way.
We will re-register our ‘Plc’ companies to become ‘Private Limited’ companies. In due course, these new companies will appear in our policy documents and other contracts and legal documentation. Our brands, registered offices and company numbers are unchanged.
Commenting on the takeover, Scott Egan, continuing CEO of RSA UK & International, said:
“I’m really excited about this new chapter of RSA’s long and illustrious history. Everyone is looking forward to working as part of Intact, building on our recent progress and momentum and continuing to develop our propositions for customers, brokers and partners.
“The expertise and ambition of Intact gives us a great opportunity to improve and accelerate our plans with the joint goal of making it a better business. I’m really looking forward to seeing what we can achieve together.”
You can read the full announcement about the takeover here.
How RSA’s businesses are now owned
RSA was comprised of three divisions; Canada, Scandinavia, and UK and International (the UK, Luxembourg, Ireland and Middle Eastern businesses). These are now owned in this way:
- Tryg A/S has taken ownership of RSA’s former Swedish and Norwegian business, Trygg-Hansa and Codan Norway.
- Intact Financial Corporation owns RSA’s Canadian and UK and International businesses.
- RSA’s Codan business in Denmark, is jointly owned by the two parties on a 50/50 economic basis.
Timeline of the offer to buy RSA
- November 2020: RSA Insurance Group Plc Board confirms receipt of an offer to buy the business from Intact and Tryg, and confirms intention to recommend the offer to shareholders
- January 2021: RSA shareholders vote to approve the takeover
- January – May 2021: All parties continue due diligence and approval processes required to reach conclusion of the deal
- March 2021: Scott Egan announced as continuing CEO of RSA UK & International, and Mark Hodges to Chair new RSA UK&I Board
- 1 June 2021: Intact and Tryg formally take ownership of RSA.