Intact Financial and Tryg have completed the acquisition of RSA Insurance for £7.2bn after securing all required consents.
Tryg paid £4.2bn towards the acquisition, while Intact paid the remaining £3bn.
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RSA was comprised of three divisions: Canada, Scandinavia, and UK & International.
Denmark-based Tryg will take ownership of RSA’s Swedish and Norwegian business.
Canadian insurer Intact will take control of RSA’s Canadian and UK & International businesses.
RSA’s Codan business in Denmark will be jointly owned by the two parties on a 50/50 economic basis.
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By GlobalDataThe separation is expected to be completed by the first quarter of 2022.
Intact Financial CEO Charles Brindamour said: “Bringing together Intact and RSA will expand our leadership and accelerate our strategy as we continue to focus on outperformance across our business.”
In January 2021 RSA shareholders voted to approve the takeover.
RSA Group chairman Martin Scicluna commented: “RSA has provided peace of mind to individuals and protected businesses from risk for more than 300 years.
“That history has seen significant consolidation in the insurance industry, and we believe that RSA’s businesses, customers, employees and other stakeholders will prosper under the stewardship of Intact and Tryg, two great businesses with long histories and reputations.”
In 2019, Intact closed the previously announced takeover of The Guarantee Company of North America and Frank Cowan Company in a transaction worth $1bn.
