Business
Intact Financial Corporation and RSA announce sale of UK direct Personal Lines operations to Admiral Group plc
Intact Financial Corporation and RSA announce sale of UK direct Personal Lines operations to Admi...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation and RSA announce sale of UK direct Personal Lines operations to Admiral Group plc\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prngen3{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /Not for distribution to U.S. Newswire services or for dissemination in\n \n the United States\n \n /\n \n \n \n \n \n RSA to sell its UK direct Personal Lines (Home and Pet) operations following the recent conclusion of a strategic review\n \n \n RSA will also exit its Home and Pet partner and broker contracts in the UK, which completes its exit from the UK Personal Lines market\n \n \n Accelerates path to sustainable outperformance for the continuing UK&I business, which is now expected to deliver a low-90s combined ratio\n \n 1\n \n in 2024\n \n \n No material impact expected to Net Operating Income Per Share (NOIPS)\n \n 2\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Dec. 7, 2023\n \n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (Intact, IFC or the Company) and its subsidiary Royal & Sun Alliance Insurance Limited (RSA) announced today that they have reached an agreement to sell RSA's UK direct Personal Lines operations, representing approximately £165 million of annual premiums\n \n 3\n \n , to Admiral Group plc (Admiral). The transaction will result in the transfer of renewal rights, brands and employees. RSA will retain the claims reserves, which will be run off over time.\n \n \n The sale has been approved by the Boards of Directors of both Intact and Admiral, and is expected to close at the end of Q1 2024.\n \n \n RSA will also exit i...