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RSA completes sale – major names leave

RSA completes sale – major names leave | Insurance Business UK

RSA completes sale – major names leave

It’s official – RSA Insurance Group is now owned by co-buyers Intact Financial Corporation and Tryg A/S.

“As the scheme [of arrangement] has now become effective, RSA duly announces that, as of today’s date, Sally Bridgeland, Charles Brindamour, Claude Dussault, Mark Hodges, Robert Leary, and Andy Parsons have been appointed to the RSA board and Sonia Baxendale, Kath Cates, Enrico Cucchiani, Stephen Hester, Martin Scicluna, and Martin Strobel have tendered their resignations and have stepped down from the RSA board,” stated the London-headquartered insurer in its June 01 update.

“Scott Egan will remain on the RSA board going forwards. Charlotte Heiss has also tendered her resignation as general counsel and company secretary… It has been agreed that Charlotte Jones (the chief financial officer of RSA) and each of Alastair Barbour and Clare Bousfield (both non-executive directors on the RSA board) will remain on the RSA board going forwards.”

As previously announced, Intact and Tryg will have an even ownership of RSA’s operations in Denmark. The group’s Canadian, UK, and international businesses, meanwhile, will be retained by Intact; the Swedish and Norwegian entities, by Tryg.

Scicluna, who was chairman of RSA, commented: “It has been a very great privilege to chair RSA for the past eight years and oversee the development and implementation of a fundamental change in strategy which has resulted in a much more focussed, stronger, and more profitable company.

“I am very grateful to our CEO, Stephen Hester, for his outstanding leadership and drive in the transformation of our company. My thanks to our executive committee members and the senior leadership team who together with our employees have delivered for our customers, our shareholders, and other key stakeholders. Finally, thank you to all my board colleagues for their significant contribution during my tenure as chairman.”

Highlighting RSA’s history, which dates back more than 300 years, Scicluna went on to describe Intact and Tryg as “great businesses,” under whose stewardship it is believed that the acquired units, customers, employees, and other stakeholders will prosper.

Meanwhile Egan, who will continue as UK & International chief, had this to say: “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.”

Based in Canada, Intact specialises in property and casualty insurance and also provides global specialty insurance, while Tryg is a leading non-life insurance company in the Nordic region.