Bidco, a wholly owned subsidiary of Canadian insurer Intact Financial Corporation, and Danish insurer Tryg A/S have completed their acquisition of RSA, effective today.
In 2021’s quarter one, RSA’s group operating profit nearly doubled versus this time last year – the insurer said it had “a significantly improved combined ratio and lower investment income” and that “each of our three regions performed ahead of prior year”.
In terms of underwriting profit, group weather costs amounted to 1.7% of net earned premiums, compared to 3.7% in 2020. RSA’s large loss ratio was 9.8% at 31 March 2021, versus 9.4% in quarter one last year, or 8.8% excluding exits.
The company added that its “attritional loss ratio improved overall and in each region, including and excluding Covid impacts”.
Speaking on these results, Scott Egan, chief executive of RSA UK and International, said: “I’m really pleased that our business has built on the momentum of the last couple of years and shows real strength as we move through 2021.
Insurance Age
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RSA has announced that the takeover bid from Canadian provider Intact and Danish insurer Tryg has received all required regulatory approvals and should complete at the end of May.
This follows a formal offer made last November and the approval of RSA shareholders in January.
Earlier this year, Intact confirmed that Scott Egan will remain CEO of RSA’s UK and international business after the deal is completed.
Egan commented on the upcoming takeover: “I’m confident that we have the right
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pictured, will sit on Intact’s executive committee reporting to CEO Charles Brindamour.
The £7.2bn deal was first revealed last November. Intact is buying RSA’s Canada, UK and international
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