Business

RSA completes £400m deal with Intact Financial Corporation

The agreement, which was first announced in July, sees the firm provide £400m of aggregate coverage in excess of a £2.59bn retention on losses occurring on or prior to December 31, 2020 within a diversified portfolio of commercial and personal insurance lines risks

Enstar Group has announced that its subsidiary Royal and Sun Alliance Insurance (RSA), has completed a deal with Intact Financial Corporation, to provide “adverse development cover” for certain UK, Irish, and other businesses of RSA and its subsidiaries.

The agreement, which was first announced in July, sees the firm provide £400m of aggregate coverage in excess of a £2.59bn retention on losses occurring on or prior to December 31, 2020 within a diversified portfolio of commercial and personal insurance lines risks.

Enstar and RSA co-participate on the cover, with Enstar providing 50% and RSA retaining the remaining 50%.

Dominic Silvester, CEO, Enstar, said: “This transaction, our second large deal with RSA, shows the role that well-designed, smoothly executed legacy solutions can play in facilitating M&A activity in the global insurance market.”

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