Intacct launches sale of RSA personal insurance subsidiary

Intact Financial Corp. (Intact), the Canadian multinational property and casualty insurance company and parent company of RSA, has reportedly initiated the sale of RSA’s personal insurance business.

A Bloomberg report revealed that Intact is working with JPMorgan Chase & Co. to gauge buyer interest in the personal insurance business, which is valued at approximately £500 million And covers everything from home to pet safety. The business also sells insurance policies directly to customers and includes partnerships with other financial institutions.

strategic review

Toronto-based Intact and Danish insurance group Trygg A/S acquired RSA in 2021, giving Intact control of the business’s Canadian and UK and international operations. Meanwhile, Trygg took over the Swedish and Norwegian arms of the occupation. In March, Intact announced that RSA’s personal lines business would exit the competitive market for motor insurance.

Through RSA, Intact is expanding into commercial insurance in the UK. This month, it announced the acquisition of the brokered commercial platform from Direct Line Insurance Group Plc in a deal that could raise up to £550 million. Intacct said it would continue to conduct a strategic review of its personal lines business in the UK.

“A strategic review of these options is ongoing and expected to be completed in the fourth quarter this year,” an Intact spokesperson told Bloomberg.