Intact starts sale of RSA personal insurance subsidiary

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Intact starts sale of RSA personal insurance subsidiary

Insurance News

By Roxanne Libatique

Intact Financial Corp (Intact), a Canadian multinational property and casualty insurance company and the parent company of RSA, has started the sale of RSA’s personal insurance business in the UK, according to reports.

A Bloomberg report revealed that Intact has been working with JPMorgan Chase & Co to gauge buyer interest in the personal insurance business, which is valued at approximately £500 million and covers everything from home to pet protection. The business also sells insurance policies directly to clients and includes partnerships with other financial institutions.

Strategic review

Toronto-based Intact and Danish insurance group Tryg A/S acquired RSA in 2021, providing Intact with control of the business’s Canadian and UK and international operations. Meanwhile, Tryg took the business’s Swedish and Norwegian arms. In March, Intact announced that RSA’s personal lines business will exit the competitive market for motor insurance.

Through RSA, Intact has been expanding into commercial insurance in the UK. This month, it announced the acquisition of the brokered commercial platform from Direct Line Insurance Group Plc in a deal that could rise to £550 million. Intact said it will continue to pursue a strategic review of its personal lines business in the UK.

“The strategic review of these options is underway and is expected to be completed in Q4 this year,” a spokesperson for Intact told Bloomberg.

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