RSA announces major business update

It reveals what will happen to specialty lines teams after Intact takeover – major name leaves

RSA announces major business update

Insurance News

By Mia Wallace

RSA has today announced that it is coming together with its parent company Intact to create a global specialty offering. The insurer’s London Market and European specialty lines teams will join forces with Intact’s global specialty team to strengthen both brands’ customer standing in the international market.

Following Intact’s purchase of RSA’s UK & International business (UK&I) in June this year, teams from both firms will develop an integrated global proposition for brokers and customers with more complex international risks. Steve Watson who leads RSA’s London Market business, will join the UK&I executive team as managing director of UK specialty, reporting to RSA UK&I’s CEO, Scott Egan, and Intact’s global specialty lines executive vice president, Darren Godfrey.

RSA’s European business will continue to be led by RSA Luxembourg CEO Rachel Conran, who will report to Egan and Intact’s global specialty lines CEO, Mike Miller. These moves align the insurers’ specialty lines divisions which will enable each to capitalise on the expertise, data and product offering of the other.

Meanwhile, RSA’s UK commercial lines business remains “a substantial presence in the UK market”, noted RSA, as well as a key strategic priority. This business will be led by Lee Mooney as part of RSA’s UK&I executive team. RSA’s current commercial lines managing director, Rob Gibbs, who currently oversees RSA’s specialty and UK domestic offers has decided to leave the business after 23 years.

Commenting on the news, RSA UK&I CEO Scott Egan said: “This strategic change will make the most of the combined power of two already strong businesses and make a whole which is greater than the sum of its parts.”

Egan added that the business had worked hard over the last three years to restore the performance of RSA’s London Market proposition and that this will be complemented by the scale of Intact’s North America specialty business. He noted that the insurer has “ambitious plans” for its domestic commercial lines regional, delegated and SME offerings where it has a strong foundation and long heritage to build upon.

“I’m delighted that Steve and Lee will be taking on these new roles to lead these businesses,” he said. “Importantly, at this point of change, I also want to recognise and thank Rob for his outstanding commitment and long service to RSA as a fantastic and valued colleague.”

Watson also commented on the RSA and Intact Specialty integration and said that bolstering RSA’s UK specialty capability and presence with Intact’s global presence and expertise makes for a compelling international platform that can drive an ambitious growth agenda.

“The RSA and Intact brands will continue to operate in their existing markets, but joining forces behind the scenes will help brokers and customers access broader expertise, additional products, and improved risk consulting capability,” he said. “On top of this, our combined data and insight will better facilitate sustainable underwriting and competitive pricing.”

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