RSA said it had decided to exit the personal lines motor market in the UK as it remains competitive and “requires significant scale to drive meaningful outperformance.” The book represents approximately £120 million of annual premium for the company.
Intact CEO Charles Brindamour said leaving the UK's personal lines motor market is a further step in delivering against the firm's strategic roadmap to optimise its footprint around personal lines home and pet and its commercial and specialty lines businesses.
“When we completed the acquisition of RSA, we were clear that we would take necessary actions to drive sustainable outperformance in UK&I,” Brindamour added.
RSA UK & international CEO Ken Norgrove said: “Our primary focus now is on delivering an orderly transition that supports our colleagues and customers. We have incredibly talented people working in this business, and we're committed to treating them with fairness and respect.”
“We are proud to confirm that Atlanta has been selected to transfer the renewal rights of RSA's direct motor line of business for customers that RSA introduced to Swinton Insurance,” said Ardonagh Retail CEO Ian Donaldson.
“We have worked in close partnership with RSA for a number of years, including the previous successful transfer of the renewal rights of their direct van line of business, and [we] believe Atlanta and Swinton Insurance are the perfect home for motor. We look forward to working with RSA over the coming months on a smooth transition and welcoming their 170,000 customers to our ever-expanding group.”
RSA Insurance was awarded as one of the Best Diversity, Equity and Inclusion in the Workplace in the UK. See the rest of winners in IB's 5-Star DE&I 2023 special report.